N.Y. Private Housing Finance Law § 211: Exemption from increase in local taxation

§ 211. Exemption from increase in local taxation. 1. A local

legislative body is hereby authorized, by adopting or enacting an

ordinance or local law, to exempt all or part of the real property held

by redevelopment corporations during a maximum exemption period, which

shall not exceed ten years, which represents an increase in any local

tax over the maximum local tax. After the adoption or enactment of such

an ordinance or local law, every parcel of real property held by any

redevelopment corporation in the city shall be exempt during the maximum

exemption period, from that portion of each and every local tax to the

extent that such exemption has been granted by such ordinance or local

law. If, during the last year of the maximum exemption period, such

exemption is in existence on the day such local tax, or installment

thereof, becomes a lien on such parcel of real property, such exemption

shall extend for the full tax year for such local tax and shall not be

apportioned because of the expiration of the maximum exemption period

during such tax year.

2. For the purpose of fixing the date of commencement of the maximum

exemption period for a group of parcels of real property in a

development area, a city is hereby authorized, with the approval of its

local legislative body, except that if there is a board of estimate in

the city, then with the approval of the board of estimate, to contract

with a redevelopment corporation to place in one or more groups the

various parcels of real property therein. Such a contract may provide

that all of the parcels in each group may be deemed to have had a common

stated date of acquisition by the redevelopment corporation, regardless

of the actual date of acquisition of each parcel contained therein. Such

agreed date of acquisition shall thereupon serve as a basis for

computing the maximum exemption period for each parcel of real property

in the group. Such agreed date of acquisition shall not be later than

the date of the actual acquisition of one or more parcels of real

property in the group. After the making of any such contract, all of the

parcels of real property in any such group shall be treated as a unit

for the purposes of the assessment and collection of each local tax, and

the maximum exemption period so computed shall be binding with respect

to each local tax.