§ 499-BBBB — Real property tax abatement

§ 499-bbbb. 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. The amount of such tax abatement shall be as follows:\n (a) if the solar electric generating system is placed in service on or\nafter the effective date of this title and before January first, two\nthousand eleven, for each year of the compliance period such tax\nabatement shall be the lesser of (i) eight and three-fourths percent of\neligible solar electric generating system expenditures, (ii) the amount\nof taxes payable in such tax year, or (iii) sixty-two thousand five\nhundred dollars; or\n (b) if the solar electric generating system is placed in service on or\nafter January first, two thousand eleven, and before January first, two\nthousand thirteen, for each year of the compliance period such tax\nabatement shall be the lesser of (i) five percent of eligible solar\nelectric generating system expenditures, (ii) the amount of taxes\npayable in such tax year, or (iii) sixty-two thousand five hundred\ndollars; or\n (c) if the solar electric generating system is placed in service on or\nafter January first, two thousand thirteen, and before January first,\ntwo thousand fourteen, for each year of the compliance period such tax\nabatement shall be the lesser of (i) two and five-tenths percent of\neligible solar electric generating system expenditures, (ii) the amount\nof taxes payable in such tax year, or (iii) sixty-two thousand five\nhundred dollars; or\n (d) if the solar electric generating system is placed in service on or\nafter January first, two thousand fourteen, and before January first,\ntwo thousand twenty-four, for each year of the compliance period such\ntax abatement shall be the lesser of (i) five percent of eligible solar\nelectric generating system expenditures, (ii) the amount of taxes\npayable in such tax year, or (iii) sixty-two thousand five hundred\ndollars; or\n (e) if electric energy storage equipment is placed in service on or\nafter January first, two thousand nineteen, and before January first,\ntwo thousand twenty-four, for each year of the compliance period such\ntax abatement shall be the lesser of (i) ten percent of eligible\nelectric energy storage equipment expenditures, (ii) the amount of taxes\npayable in such tax year, or (iii) sixty-two thousand five hundred\ndollars; or\n (f) if the solar electric generating system and/or electric energy\nstorage system is placed in service on or after January first, two\nthousand twenty-four, and before January first, two thousand\nthirty-five, for each year of the compliance period such tax abatement\nshall be the lesser of (i) seven and one-half percent of eligible solar\nelectric generating system and/or energy storage system expenditures,\n(ii) the amount of taxes payable in such tax year, or (iii) sixty-two\nthousand five hundred dollars.\n 2. Such tax abatement shall commence on July first following the\napproval of an application for tax abatement by a designated agency, and\nmay not be carried over to any subsequent tax year.\n 3. With respect to any eligible building held in the condominium form\nof ownership that receives 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 any 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