N.Y. Real Property Tax Law § 429: Real property used for professional major league sports

§ 429. Real property used for professional major league sports. Real

property within a city having a population of one million or more, used

by both a professional major league hockey team which is a member of the

National Hockey League and a professional major league basketball team

which is a member of the National Basketball Association to play their

home games shall be exempt from taxation to the extent said taxes are

the obligation by lease or otherwise of the owners of franchises for

such teams, provided that such owners enter into a written agreement

with the chief executive officer of the municipality in which such

property is located to play their home games within such municipality

for a period of at least ten consecutive years. The tax exemption

provided herein shall be granted to real property being used, in whole

or in part, for the aforesaid purposes on the date such agreement is

executed and shall apply to taxes which become due and payable after the

aforestated agreement is executed and shall continue with respect to

such property as long as both of said teams play their home games

therein and no longer. Such exemption shall not apply with respect to

any improvement to such property made after the date such agreement is

executed which improvement is not used for the provision of facilities

or services related to sports, entertainment, expositions, conventions

or trade shows. If one or both of said teams shall cease to play their

home games in said property at any time, the tax exemption provided

herein shall cease immediately and such property shall immediately be

restored to the tax rolls and thereupon become subject to taxation and

shall be taxed pro rata for the unexpired portion of the taxable year.