2016 New York Laws
RPT - Real Property Tax
Article 4 - EXEMPTIONS
Title 2 - (420-A - 489) PRIVATE PROPERTY
421-D - Exemption of multiple dwellings financed by the New York state housing finance agency from local taxation.

*   421-d.  Exemption  of multiple dwellings financed by the New York
  state  housing  finance  agency  from  local  taxation.  1.  The   local
  legislative  body  of  any  city, town or village having a population of
  less than one million is hereby authorized and empowered  to  adopt  and
  amend  a  local  law  to  provide  that any new or rehabilitated housing
  development, as defined in section  forty-two  of  the  private  housing
  finance  law,  subject  to  a  mortgage,  the loan for which was made or
  financed by notes, bonds or other obligations  of  the  New  York  state
  housing  finance  agency,  the interest on which is exempt from taxation
  pursuant to the Internal Revenue Code of 1954,  as  amended,  after  the
  adoption  of such local law shall be exempt from taxation as provided by
  such local law.
2. (a) Such local law may provide that such eligible property shall be
  exempt from all taxes imposed  by  a  municipal  corporation,  including
  those  imposed  by or on behalf of a school district, other than special
  assessments and  special  ad  valorem  levies,  during  construction  or
  rehabilitation, but for no longer than three years.
(b)  Such  local law may also provide that the eligible property shall
  be exempt upon the conclusion of  the  exemption  period  authorized  by
  paragraph  (a)  of  this  subdivision,  for  as  long as construction or
  rehabilitation continues and, thereafter, for so long as  such  mortgage
  is  outstanding  and  the  housing  development,  as  defined in section
  forty-two of the private housing finance law, is  used  for  residential
  unit   purposes;   provided,  that  the  exemption  authorized  by  this
  subdivision shall be for a period not to exceed  fifteen  years  in  the
  aggregate  after the conclusion of the exemption authorized by paragraph
  (a) of this subdivision, and shall not exceed the following limitations:
  three years of full exemption, followed by three years of exemption from
  eighty percent of the assessed value of such property, followed by three
  years of exemption from sixty percent of  the  assessed  value  of  such
  property, followed by three years of exemption from forty percent of the
  assessed  value  of  such property, followed by three years of exemption
  from twenty percent of the assessed value of such property; and provided
  that taxes shall be paid during any such period after the taxable status
  date  immediately  following   the   completion   of   construction   or
  rehabilitation at least in the amount of the taxes paid on such land and
  improvements  thereon  during the fiscal year preceding the commencement
  of such construction or rehabilitation and that the exemption from taxes
  shall not be availed of concurrently under any other law.
* NB Repealed July 23, 2017