§ 489-DDD — Real property tax exemption

§ 489-ddd. Real property tax exemption. 1. A real property tax\nexemption pursuant to this title shall be granted to an applicant who,\nwithin a period of thirty-six months, or following an extension pursuant\nto section four hundred eighty-nine-hhh of this title within a period of\nforty-eight months, from the date of issuance of a certificate of\neligibility has completed reconstruction or construction work in\naccordance with the plans approved by the board in the certificate of\neligibility. The amount of the tax exemption shall be determined as\nfollows:\n (a) In the case of an applicant who has completed industrial\nconstruction or reconstruction work, or commercial reconstruction work\ndesignated as of right pursuant to section four hundred eighty-nine-ccc\nof this title or as specially needed pursuant to section four hundred\neighty-nine-eee of this title, the tax exemption shall continue for\nnineteen tax years in an amount decreasing by five per centum each year\nfrom an exemption of ninety-five per centum of the exemption base, as\ndefined in paragraph (d) of this subdivision.\n (b) In the case of an applicant who has completed other commercial\nreconstruction work, or new commercial construction work designated as\nof right pursuant to section four hundred eighty-nine-ccc of this title\nor as specially needed pursuant to section four hundred eighty-nine-eee\nof this title, the tax exemption shall continue for ten tax years, in an\namount decreasing by five per centum each year from an exemption of\nfifty per centum of the exemption base.\n (c) In the case of an applicant who has completed other new commercial\nconstruction work, the exemption shall continue for five tax years in an\namount decreasing by ten per centum each year from an exemption of fifty\nper centum of the exemption base.\n (d) The term "exemption base" shall mean the difference between the\nfinal assessed value of the property as determined upon completion of\nthe construction or reconstruction work and the lesser of (i) the\nassessed value of the property at the time an application for a\ncertificate of eligibility pursuant to this title is made, or (ii) the\nassessed value as may thereafter be reduced pursuant to application to\nthe tax commission.\n The tax exemption shall be computed according to the following tables:\n CONSTRUCTION OR RECONSTRUCTION OF INDUSTRIAL\n STRUCTURES OR RECONSTRUCTION OF AS OF RIGHT OR\n SPECIALLY NEEDED COMMERCIAL STRUCTURES\n Year following Percentage of\n completion of work exemption\n 1. 95\n 2. 90\n 3. 85\n 4. 80\n 5. 75\n 6. 70\n 7. 65\n 8. 60\n 9. 55\n 10. 50\n 11. 45\n 12. 40\n 13. 35\n 14. 30\n 15. 25\n 16. 20\n 17. 15\n 18. 10\n 19. 5\n RECONSTRUCTION OF OTHER COMMERCIAL STRUCTURES\n OR CONSTRUCTION OF AS OF RIGHT OR SPECIALLY\n NEEDED COMMERCIAL STRUCTURES\n Year following Percentage of\n completion of work exemption\n 1. 50\n 2. 45\n 3. 40\n 4. 35\n 5. 30\n 6. 25\n 7. 20\n 8. 15\n 9. 10\n 10. 5\n CONSTRUCTION OF OTHER NEW COMMERCIAL STRUCTURES\n Year following Percentage of\n completion of work exemption\n 1. 50\n 2. 40\n 3. 30\n 4. 20\n 5. 10\n 2. The taxes payable during the period from the issuance of a\ncertificate of eligibility to the approval of the tax exemption pursuant\nto section four hundred eighty-nine-fff of this title shall be paid on\nthe lesser of:\n (a) the assessed value of the property at the time an application for\na certificate of eligibility pursuant to this title is made, or (b) the\nassessed value as may thereafter be reduced pursuant to application to\nthe tax commission, provided, however, that if reconstruction or\nconstruction is not completed in accordance with the plans approved in\nthe certificate of eligibility including any amendments thereto, taxes\nshall be due and payable retroactively as otherwise required by law.\n 3. In all cases where the board shall have issued a certificate of\neligibility prior to January first, nineteen hundred eighty-two, the\nexemption percentage shall apply to any subsequent increase in the\nassessed valuation of the property during the tenure of the exemption.\nWhere the board has issued a certificate of eligibility on or after\nJanuary first, nineteen hundred eighty-two, the exemption percentage\nshall apply to any subsequent increase in the assessed valuation of the\nproperty during the first two years after approval of the tax exemption\npursuant to section four hundred eighty-nine-fff of this title.\nCommencing two years after approval of the tax exemption pursuant to\nsection four hundred eighty-nine-fff of this title, the exemption\npercentage shall apply to any subsequent increase in assessed valuation\nof the property only to the extent such increase is attributable to the\nconstruction or reconstruction work approved in the certificate of\neligibility.\n 4. The provisions of this title shall not apply to any increase in\nassessed value resulting from the construction or reconstruction of a\nresidential structure on any property receiving an exemption under the\nprovisions of this title. The provisions of this title shall apply\nexclusively to those structures and the lands underlying them which were\nidentified explicitly in the certificate of eligibility.\n 5. The provisions of this title shall not apply if any new or\nrehabilitated construction displaces or replaces a building or buildings\ncontaining more than twenty-five occupied dwelling units in existence on\nthe date an application for certificate of eligibility is submitted for\npreliminary approval pursuant to section four hundred eighty-nine-eee of\nthis title, which are administered under the local emergency housing\nrent control act, the rent stabilization law of nineteen hundred\nsixty-nine or the emergency tenant protection act of nineteen\nseventy-four, unless a certificate of eviction has been issued for any\nof the displaced or replaced units pursuant to the powers granted by the\ncity rent and rehabilitation law.\n 6. The provisions of this title shall not apply to an applicant who\nhas commenced construction or reconstruction work prior to the granting\nof a certificate of eligibility except where applicant, having filed an\napplication for a certificate of eligibility receives written permission\nto commence from the board or its designated representative prior to the\ngranting of a certificate of eligibility. Demolition of existing\nstructures, site preparation limited to grading, filling or clearing, or\nthe curing of a safety or sanitary hazard shall not be deemed to be\ncommencement of construction or reconstruction work.\n 7. Any property enjoying the benefits of a tax exemption approved by\nthe board shall be ineligible for any subsequent or additional tax\nexemption pursuant to the provisions of this title until the expiration\nof the original exemption period or earlier termination of the existing\nexemption by action of the tax commission.\n