§ 499-BBB — Real property tax abatement

§ 499-bbb. Real property tax abatement. An eligible building shall\nreceive an abatement of real property taxes as provided in this title\nand the rules promulgated hereunder.\n 1. (a) The amount of such tax abatement for any tax year commencing on\nor after July first, two thousand nine and ending on or before June\nthirtieth, two thousand fourteen shall be four dollars and fifty cents\nper square foot of a green roof pursuant to an approved application for\ntax abatement; provided, however, that the amount of such tax abatement\nshall not exceed the lesser of (i) one hundred thousand dollars or (ii)\nthe tax liability for the eligible building in the tax year in which the\ntax abatement is taken.\n (b) The total amount of such tax abatement commencing on or after July\nfirst, two thousand fourteen and ending on or before June thirtieth, two\nthousand twenty-seven, shall be ten dollars per square foot of a green\nroof pursuant to an approved application for tax abatement; provided,\nhowever, that the amount of such tax abatement shall not exceed two\nhundred thousand dollars. To the extent the amount of such tax abatement\nexceeds the total tax liability in any tax year, any remaining amount\nmay be applied to the tax liability in succeeding tax years, provided\nthat such abatement must be applied within five years of the tax year in\nwhich the tax abatement was initially taken.\n (c) Notwithstanding paragraph (b) of this subdivision, property\nlocated within specifically designated New York city community\ndistricts, selected by an agency designated by the mayor of the city of\nNew York pursuant to subdivision five of this section, shall receive an\nenhanced tax abatement for any green roof. The total amount of such\nenhanced tax abatement commencing on or after July first, two thousand\nnineteen and ending on or before June thirtieth, two thousand\ntwenty-seven, shall be fifteen dollars per square foot of a green roof\npursuant to an approved application for enhanced tax abatement:\nprovided, however, that the amount of such enhanced tax abatement shall\nnot exceed two hundred thousand dollars. To the extent the amount of\nsuch enhanced tax abatement exceeds the total tax liability in any tax\nyear, any remaining amount may be applied to the tax liability in\nsucceeding tax years, provided that such abatement must be applied\nwithin five years of the tax year in which the tax abatement was\ninitially taken.\n (d) Notwithstanding paragraph (b) or (c) of this subdivision, the\naggregate amount of tax abatements allowed under this subdivision for\nthe tax year commencing July first, two thousand fourteen and ending\nJune thirtieth, two thousand fifteen shall be a maximum of seven hundred\nfifty thousand dollars, and the aggregate amount of tax abatements\nallowed under this subdivision for any tax year commencing on or after\nJuly first, two thousand fifteen and ending on or before June thirtieth,\ntwo thousand twenty-seven shall be a maximum of four million dollars. No\ntax abatements shall be allowed under this subdivision for any tax year\ncommencing on or after July first, two thousand twenty-seven.\n (e) Such aggregate amount of tax abatements including enhanced tax\nabatements, shall be allocated by the department of finance on a first\ncome first serve basis among applicants whose applications have been\napproved by a designated agency. If such allocation is not made prior to\nthe date that the real property tax bill, statement of account or other\nsimilar bill or statement is prepared, then the department of finance\nshall, as necessary, after such allocation is made, submit an amended\nreal property tax bill, statement of account or other similar bill or\nstatement to any applicant whose abatement must be adjusted to reflect\nsuch allocation. Nothing in this paragraph shall be deemed to affect the\nobligation of any taxpayer under applicable law with respect to the\npayment of any installment of real property tax for the fiscal year as\nto which such allocation is made, which was due and payable prior to the\ndate such amended real property tax bills are sent, and the department\nof finance shall be authorized to determine the date on which amended\nbills are to be sent and the installments of real property tax which are\nto be reflected therein.\n 2. Such tax abatement shall commence on July first following the\napproval of an application for tax abatement by a designated agency.\n 3. With respect to any eligible building held in the condominium form\nof ownership that receive a tax abatement pursuant to this title, such\ntax abatement benefits shall be apportioned among all of the condominium\ntax lots within such eligible building.\n 4. If, as a result of application to the tax commission or a court\norder or action by the department of finance, the billable assessed\nvalue for the fiscal year in which the tax abatement is taken is reduced\nafter the assessment roll becomes final, the department of finance shall\nrecalculate the abatement so that the abatement granted shall not exceed\nthe annual tax liability as so reduced. The amount equal to the\ndifference between the abatement originally granted and the abatement as\nso recalculated shall be deducted from any refund otherwise payable or\nremission otherwise due as a result of such reduction in billable\nassessed value.\n 5. Buildings located within specifically designated New York city\ncommunity districts, as identified by an agency designated by the mayor\nof the city of New York, shall be eligible for the enhanced tax\nabatement described in paragraph (c) of subdivision one of this section.\nNo building located outside of a designated area shall be eligible to\nreceive an enhanced abatement. An agency designated by the mayor of the\ncity of New York shall select community districts on a rolling basis\nover a period of three years. In selecting community districts, such\nagency shall prioritize areas in the priority combined sewage overflow\ntributary areas identified by the city of New York, with particular\nemphasis on those portions of such city that have been identified by an\nagency designated by the mayor of such city as lacking green space.\n