§ 467-I — Real property tax abatement

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