2016 New York Laws
RPT - Real Property Tax
Article 4 - EXEMPTIONS
Title 2 - (420-A - 489) PRIVATE PROPERTY
478 - Tax exemption for off-street parking facilities providing underground shelters.

  478.    Tax  exemption  for off-street parking facilities providing
  underground shelters. A city  or  a  village  may  by  local  law,  duly
  enacted,  provide  that any building, whether constructed underground or
  above  ground,  which  is  constructed  for  the  purpose  of  providing
  automobile  parking,  or  any  existing building, not presently used for
  off-street  automobile  parking,  which   is   altered,   remodeled   or
  reconstructed  for  such purpose, and which provides underground shelter
  complying with the provisions of the New York  state  defense  emergency
  act  and  the  plan,  regulations  and orders of the state civil defense
  commission promulgated thereunder shall be exempt from  taxation  for  a
  period  of not to exceed twenty-five years after the taxable status date
  immediately  following  completion  of  such  construction,  alteration,
  remodeling  or  reconstruction; provided, however, that no such building
  shall be exempt  from  taxation  as  herein  provided  unless  (a)  such
  building  has  a  minimum parking capacity of:  in the city of New York,
  two hundred fifty cars; in Buffalo, Rochester, Syracuse,  Utica,  Albany
  and  Yonkers, one hundred fifty cars; and in other cities or villages of
  the state, seventy-five cars and (b) at least seventy-five per centum of
  the total floor area of the building is used exclusively  for  providing
  off-street  parking  for automobiles.  The exemption shall apply only to
  that portion of the building used for such purpose including  an  office
  and  waiting  room  and  shall  not include the land upon which or under
  which such building stands.
No provision of this section shall  be  construed  or  interpreted  as
  affecting  the  validity  of  any ordinance enacted prior to July first,
  nineteen  hundred  sixty-six,  or  actions  taken  thereunder   by   the
  government of any county, city, town or village.