§ 1106-H — Real property tax exemption

New York § 1106-H

• Jurisdiction: New York
• Law PVH: Private Housing Finance
• Art. 18-A: Low Income Turnkey/enhanced Housing Trust Fund Program

Text

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