2016 New York Laws
RPT - Real Property Tax
Article 4 - EXEMPTIONS
Title 2 - (420-A - 489) PRIVATE PROPERTY
467-I - Real property tax abatement.

  467-i.  Real  property  tax  abatement.  An eligible building shall
  receive an abatement of real property taxes as provided in this  section
  and the rules promulgated hereunder.
1.  The  amount  of such tax abatement shall be determined pursuant to
  regulations promulgated by the commissioner of the state  department  of
  taxation  and  finance.  The  value  of  such  tax  abatement  shall  be
  determined based upon a formula to be established by the commissioner of
  the state department of taxation and  finance  that  shall  reflect  the
  value of the major capital improvement, the economic loss imposed upon a
  building  owner  as  a  result  of  changes  to  the amortization period
  authorized for major capital improvements pursuant  to  this  title  and
  such   other  factors  as  the  commissioner  may  establish,  including
  appropriate discount rates and time periods.
2. Such tax abatement shall  commence  on  July  first  following  the
  approval  of  an  application  for  tax  abatement  by the department of
  finance on a form prescribed thereby providing the amount of  the  major
  capital  improvement approved by the division and the amount of units in
  the eligible building.
3. Such abatement may not be carried over to any subsequent  tax  year
  and  shall  not  reduce  or be offset by any other tax benefit provided,
  approved or calculated by the city or the state.
4. "Eligible building" shall mean for the purposes of this  section  a
  class  two  building  located  in  a  city of a million or more which is
  subject to either the emergency housing rent control law or to the  rent
  and  rehabilitation  law of the city of New York enacted pursuant to the
  emergency housing rent control law or to the emergency tenant protection
  act of nineteen seventy-four.
5. With  respect  to  administration  of  the  tax  abatement  program
  authorized  in this section, no local agency shall consider or adopt any
  eligibility criteria that are different than those  promulgated  by  the
  state department of taxation and finance.