2006 New York Code - Real Property Tax Exemption.

 
    §  489-bbbbb.  Real  property tax exemption.   1. Within the mixed-use
  construction exemption area specified in subdivision twelve  of  section
  489-aaaaa  of  this  title, the following benefits shall be available to
  qualified recipients:  A recipient who, following the effective date  of
  a  certificate  of  eligibility,  has performed residential construction
  work or both residential construction work and  commercial  construction
  work  on mixed-use property shall be eligible for an exemption from real
  property taxes as follows: For the first eight tax years, the  recipient
  shall be exempt from taxation on one hundred per centum of the exemption
  base. During the ninth year, the recipient shall be exempt from taxation
  on  eighty  per centum of the exemption base; during the tenth year, the
  recipient shall be exempt from taxation  on  sixty  per  centum  of  the
  exemption  base; during the eleventh year, the recipient shall be exempt
  from taxation on forty per centum of the exemption base; and during  the
  twelfth  year, the recipient shall be exempt from taxation on twenty per
  centum of the exemption base.
    The following table shall illustrate the computation of the  exemption
  pursuant to this subdivision:
 
  Tax year following effective
  date of certificate of
  eligibility:                        Amount of exemption:
 
         1 through 8                  100% of exemption base
         9                            80% of exemption base
        10                            60% of exemption base
        11                            40% of exemption base
        12                            20% of exemption base
 
    2.  Notwithstanding  subdivision  one of this section, a recipient who
  has  performed  residential  construction  work  or   both   residential
  construction work and commercial construction work on mixed-use property
  that,  in  accordance  with  procedures  set  forth  in  local  law, was
  designated as a landmark before the  date  by  which  the  recipient  is
  required  to complete the minimum required expenditure shall be eligible
  for an exemption from real property taxes as follows: For the first nine
  tax years, the recipient shall be exempt from taxation  on  one  hundred
  per  centum  of the exemption base. During the tenth year, the recipient
  shall be exempt from taxation on eighty  per  centum  of  the  exemption
  base;  during  the  eleventh  year,  the  recipient shall be exempt from
  taxation on sixty per centum of the exemption base; during  the  twelfth
  year, the recipient shall be exempt from taxation on forty per centum of
  the  exemption base; and during the thirteenth year, the recipient shall
  be exempt from taxation on twenty per centum of the exemption base.
    The following table shall illustrate the computation of the  exemption
  pursuant to this subdivision:
 
  Tax year following effective
  date of certificate of
  eligibility:                        Amount of exemption:
 
         1 through 9                  100% of exemption base
        10                             80% of exemption base
        11                             60% of exemption base
        12                             40% of exemption base
        13                             20% of exemption base