2013 New York Consolidated Laws
PVH - Private Housing Finance
Article 18-A - (1106 - 1106-J) LOW INCOME TURNKEY/ENHANCED HOUSING TRUST FUND PROGRAM
1106-H - Real property tax exemption.

 
    §  1106-h.  Real property tax exemption. 1. The local legislative body
  of any city, town or village is hereby authorized and empowered to adopt
  and amend a local law to provide that all or any portion of the value of
  the  property  included  in  a  turnkey/enhanced  rental  project  which
  represents an increase over the assessed valuation of the real property,
  both  land  and  improvements, prior to the improvements of the property
  necessary or intended to effectuate the purposes of this article, may be
  exempt from any and all city, village and town real property  taxes,  as
  defined  in  subdivision  twenty  of section one hundred two of the real
  property tax law, real property special ad valorem levies, as defined in
  subdivision fourteen of section one hundred two of the real property tax
  law, and special assessments,  as  defined  in  subdivision  fifteen  of
  section  one  hundred  two of the real property tax law, except that the
  assessed valuation may be increased or decreased to reflect a change  in
  the  level  of  assessment as certified pursuant to title two of article
  twelve of the real property tax law.
    2. In any assessing unit in which there has been a change in level  of
  assessment  as  provided  in  title  two  of  article twelve of the real
  property tax law, the commissioner of taxation and finance shall certify
  the change in level of assessment factor in the manner provided in title
  two of article twelve of the real property tax law. The term  "assessing
  unit"  as used in this subdivision means a city, town, village or county
  having a county department of assessment with the power to  assess  real
  property.
    3.  Such local law may also provide for the abatement of any or all of
  the property taxes which are payable to such city, town or village  from
  such project, for such duration as is provided in such local law, if any
  property  taxes  remain  to  be  paid  after  the exemption or abatement
  provided in this section is determined.
    4. Provided that the tax exemption or  abatement  authorized  by  this
  section  shall  be  in  addition to any other tax exemption or abatement
  authorized by law, and provided further, however, that in  the  event  a
  project  ceases  to be subject to one or more provisions of this article
  any tax exemption or abatement authorized pursuant to this section  with
  respect to the eligible property of such project shall terminate.