N.Y. Private Housing Finance Law § 1106-h: Real property tax exemption

§ 1106-h. Real property tax exemption. 1. The local legislative body

of any city, town or village is hereby authorized and empowered to adopt

and amend a local law to provide that all or any portion of the value of

the property included in a turnkey/enhanced rental project which

represents an increase over the assessed valuation of the real property,

both land and improvements, prior to the improvements of the property

necessary or intended to effectuate the purposes of this article, may be

exempt from any and all city, village and town real property taxes, as

defined in subdivision twenty of section one hundred two of the real

property tax law, real property special ad valorem levies, as defined in

subdivision fourteen of section one hundred two of the real property tax

law, and special assessments, as defined in subdivision fifteen of

section one hundred two of the real property tax law, except that the

assessed valuation may be increased or decreased to reflect a change in

the level of assessment as certified pursuant to title two of article

twelve of the real property tax law.

2. In any assessing unit in which there has been a change in level of

assessment as provided in title two of article twelve of the real

property tax law, the commissioner of taxation and finance shall certify

the change in level of assessment factor in the manner provided in title

two of article twelve of the real property tax law. The term "assessing

unit" as used in this subdivision means a city, town, village or county

having a county department of assessment with the power to assess real

property.

3. Such local law may also provide for the abatement of any or all of

the property taxes which are payable to such city, town or village from

such project, for such duration as is provided in such local law, if any

property taxes remain to be paid after the exemption or abatement

provided in this section is determined.

4. Provided that the tax exemption or abatement authorized by this

section shall be in addition to any other tax exemption or abatement

authorized by law, and provided further, however, that in the event a

project ceases to be subject to one or more provisions of this article

any tax exemption or abatement authorized pursuant to this section with

respect to the eligible property of such project shall terminate.