N.Y. Real Property Tax Law § 467-i: Real property tax abatement

§ 467-i. Real property tax abatement. An eligible building shall

receive an abatement of real property taxes as provided in this section

and the rules promulgated hereunder.

1. The amount of such tax abatement shall be determined pursuant to

regulations promulgated by the commissioner of the state department of

taxation and finance. The value of such tax abatement shall be

determined based upon a formula to be established by the commissioner of

the state department of taxation and finance that shall reflect the

value of the major capital improvement, the economic loss imposed upon a

building owner as a result of changes to the amortization period

authorized for major capital improvements pursuant to this title and

such other factors as the commissioner may establish, including

appropriate discount rates and time periods.

2. Such tax abatement shall commence on July first following the

approval of an application for tax abatement by the department of

finance on a form prescribed thereby providing the amount of the major

capital improvement approved by the division and the amount of units in

the eligible building.

3. Such abatement may not be carried over to any subsequent tax year

and shall not reduce or be offset by any other tax benefit provided,

approved or calculated by the city or the state.

4. "Eligible building" shall mean for the purposes of this section a

class two building located in a city of a million or more which is

subject to either the emergency housing rent control law or to the rent

and rehabilitation law of the city of New York enacted pursuant to the

emergency housing rent control law or to the emergency tenant protection

act of nineteen seventy-four.

5. With respect to administration of the tax abatement program

authorized in this section, no local agency shall consider or adopt any

eligibility criteria that are different than those promulgated by the

state department of taxation and finance.