There is a newer version of the New York Consolidated Laws
2006 New York Code - Real Property Tax Exemption.
§ 11-250 Real property tax exemption. a. A real property tax
exemption pursuant to this part shall be granted to an applicant who,
within a period of thirty-six months, or following an extension pursuant
to section 11-254 of this part within a period of forty-eight months,
from the date of issuance of a certificate of eligibility has completed
reconstruction or construction work in accordance with the plans
approved by the board in the certificate of eligibility. The amount of
the tax exemption shall be determined as follows:
(1) In the case of an applicant who has completed industrial
construction or reconstruction work, or commercial reconstruction work
designated as of right pursuant to section 11-249 of this part or as
specially needed pursuant to section 11-251 of this part, the tax
exemption shall continue for nineteen tax years in an amount decreasing
by five per centum each year from an exemption of ninety-five per centum
of the exemption base, as defined in paragraph four of this subdivision.
(2) In the case of an applicant who has completed other commercial
reconstruction work, or new commercial construction work designated as
of right pursuant to section 11-249 of this part or as specially needed
pursuant to section 11-251 of this part, the tax exemption shall
continue for ten tax years, in an amount decreasing by five per centum
each year from an exemption of fifty per centum of the exemption base.
(3) In the case of an applicant who has completed other new
commercial construction work, the exemption shall continue for five tax
years in an amount decreasing by ten per centum each year from an
exemption of fifty per centum of the exemption base.
(4) The term "exemption base" shall mean the difference between the
final assessed value of the property as determined upon completion of
the construction or reconstruction work and the lesser of (i) the
assessed value of the property at the time an application for
certificate of eligibility pursuant to this part is made, or (ii) the
assessed value as may thereafter be reduced pursuant to application to
the tax commission.
The tax exemption shall be computed according to the following tables:
CONSTRUCTION OR RECONSTRUCTION OF INDUSTRIAL STRUCTURES OR
RECONSTRUCTION OF AS OF RIGHT OR SPECIALLY NEEDED COMMERCIAL
STRUCTURES
========================================================================
Year following
completion Percentage
of work of exemption
------------------------------------------------------------------------
1...................................................95
2...................................................90
3...................................................85
4...................................................80
5...................................................75
6...................................................70
7...................................................65
8...................................................60
9...................................................55
10...................................................50
11...................................................45
12...................................................40
13...................................................35
14...................................................30
15...................................................25
16...................................................20
17...................................................15
18...................................................10
19................................................... 5
========================================================================
RECONSTRUCTION OF OTHER COMMERCIAL STRUCTURES OR CONSTRUCTION OF AS OF
RIGHT OR SPECIALLY NEEDED COMMERCIAL STRUCTURES
========================================================================
Year following
completion Percentage
of work of exemption
------------------------------------------------------------------------
1...................................................50
2...................................................45
3...................................................40
4...................................................35
5...................................................30
6...................................................25
7...................................................20
8...................................................15
9...................................................10
10................................................... 5
========================================================================
CONSTRUCTION OF OTHER NEW COMMERCIAL STRUCTURES
========================================================================
Year following
completion Percentage
of work of exemption
------------------------------------------------------------------------
1....................................................50
2....................................................40
3....................................................30
4....................................................20
5....................................................10
========================================================================
b. The taxes payable during the period from the issuance of a
certificate of eligibility to the approval of the tax exemption pursuant
to section 11-252 of this part shall be paid on the lesser of:
(1) the assessed value of the property at the time an application for
a certificate of eligibility pursuant to this part is made, or
(2) the assessed value as may thereafter be reduced pursuant to
application to the tax commission, provided, however, that if
reconstruction or construction is not completed in accordance with the
plans approved in the certificate of eligibility including any
amendments thereto, taxes shall be due and payable retroactively as
otherwise required by law.
c. In all cases where the board shall have issued a certificate of
eligibility prior to January first, nineteen hundred eighty-two, the
exemption percentage shall apply to any subsequent increase in the
assessed valuation of the property during the tenure of the exemption.
Where the board has issued a certificate of eligibility on or after
January first, nineteen hundred eighty-two, the exemption percentage
shall apply to any subsequent increase in the assessed valuation of the
property during the first two years after approval of the tax exemption
pursuant to section 11-252 of this part. Commencing two years after
approval of the tax exemption pursuant to section 11-252 of this part,
the exemption percentage shall apply to any subsequent increase in
assessed valuation of the property only to the extent such increase is
attributable to the construction or reconstruction work approved in the
certificate of eligibility.
d. The provisions of this part shall not apply to any increase in
assessed value resulting from the construction or reconstruction of a
residential structure on any property receiving an exemption under the
provisions of this part. The provisions of this part shall apply
exclusively to those structures and the lands underlying them which were
identified explicitly in the certificate of eligibility.
e. The provisions of this part shall not apply if any new or
rehabilitated construction displaces or replaces a building or buildings
containing more than twenty-five occupied dwelling units in existence on
the date an application for certificate of eligibility is submitted for
preliminary approval pursuant to section 11-251 of this part, which are
administered under the local emergency housing rent control act, the
rent stabilization law of nineteen hundred sixty-nine or the emergency
tenant protection act of nineteen seventy-four, unless a certificate of
eviction has been issued for any of the displaced or replaced units
pursuant to the powers granted by the city rent and rehabilitation law.
f. The provisions of this part shall not apply to an applicant who
has commenced construction or reconstruction work prior to the granting
of a certificate of eligibility except where applicant, having filed an
application for a certificate of eligibility, receives written
permission to commence from the board or its designated representative
prior to the granting of a certificate of eligibility. Demolition of
existing structures, site preparation limited to grading, filling or
clearing, or the curing of a safety or sanitary hazard shall not be
deemed to be commencement of construction or reconstruction work.
g. Any property enjoying the benefits of a tax exemption approved by
the board shall be ineligible for any subsequent or additional tax
exemption pursuant to the provisions of this part until the expiration
of the original exemption period or earlier termination of the existing
exemption by action of the tax commission.
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