§ 489-bbbbb. Real property tax exemption.
1.Within the mixed-use\nconstruction exemption area specified in subdivision twelve of section\n489-aaaaa of this title, the following benefits shall be available to\nqualified recipients: A recipient who, following the effective date of\na certificate of eligibility, has performed residential construction\nwork or both residential construction work and commercial construction\nwork on mixed-use property shall be eligible for an exemption from real\nproperty taxes as follows: For the first eight tax years, the recipient\nshall be exempt from taxation on one hundred per centum of the exemption\nbase. During the ninth year, the recipient shall be exempt from taxation\non eighty per centum of the exemption base; during the tenth year, the\nrecipi
Free access — add to your briefcase to read the full text and ask questions with AI
§ 489-bbbbb. Real property tax exemption. 1. Within the mixed-use\nconstruction exemption area specified in subdivision twelve of section\n489-aaaaa of this title, the following benefits shall be available to\nqualified recipients: A recipient who, following the effective date of\na certificate of eligibility, has performed residential construction\nwork or both residential construction work and commercial construction\nwork on mixed-use property shall be eligible for an exemption from real\nproperty taxes as follows: For the first eight tax years, the recipient\nshall be exempt from taxation on one hundred per centum of the exemption\nbase. During the ninth year, the recipient shall be exempt from taxation\non eighty per centum of the exemption base; during the tenth year, the\nrecipient shall be exempt from taxation on sixty per centum of the\nexemption base; during the eleventh year, the recipient shall be exempt\nfrom taxation on forty per centum of the exemption base; and during the\ntwelfth year, the recipient shall be exempt from taxation on twenty per\ncentum of the exemption base.\n The following table shall illustrate the computation of the exemption\npursuant to this subdivision:\nTax year following effective\ndate of certificate of\neligibility: Amount of exemption:\n 1 through 8 100% of exemption base\n 9 80% of exemption base\n 10 60% of exemption base\n 11 40% of exemption base\n 12 20% of exemption base\n 2. Notwithstanding subdivision one of this section, a recipient who\nhas performed residential construction work or both residential\nconstruction work and commercial construction work on mixed-use property\nthat, in accordance with procedures set forth in local law, was\ndesignated as a landmark before the date by which the recipient is\nrequired to complete the minimum required expenditure shall be eligible\nfor an exemption from real property taxes as follows: For the first nine\ntax years, the recipient shall be exempt from taxation on one hundred\nper centum of the exemption base. During the tenth year, the recipient\nshall be exempt from taxation on eighty per centum of the exemption\nbase; during the eleventh year, the recipient shall be exempt from\ntaxation on sixty per centum of the exemption base; during the twelfth\nyear, the recipient shall be exempt from taxation on forty per centum of\nthe exemption base; and during the thirteenth year, the recipient shall\nbe exempt from taxation on twenty per centum of the exemption base.\n The following table shall illustrate the computation of the exemption\npursuant to this subdivision:\nTax year following effective\ndate of certificate of\neligibility: Amount of exemption:\n 1 through 9 100% of exemption base\n 10 80% of exemption base\n 11 60% of exemption base\n 12 40% of exemption base\n 13 20% of exemption base\n