N.Y. Real Property Tax Law § 489-aaaaa: Definitions

§ 489-aaaaa. Definitions. When used in this title:

1. "Aggregate floor area" means the sum of the gross areas of the

several floors of a building or structure, measured from the exterior

faces of exterior walls or from the center lines of walls separating two

buildings or structures.

2. "Applicant" means any person obligated to pay real property taxes

on the property for which an exemption from real property taxes under

this title is sought or in the case of exempt property, the record owner

or lessee thereof.

3. "Approved plans" means plans submitted to and approved by the

department of buildings in connection with an applicant's building

permit, including any amendments to such plans approved by such

department before final inspection of the work for which such permit was

issued.

4. "Benefit period" means the period of time when a recipient is

eligible to receive benefits pursuant to this title.

5. "Certificate of eligibility" means the document issued by the

department of finance pursuant to section four hundred eighty-nine-ddddd

of this title.

6. "Commercial construction work" means the modernization,

rehabilitation, expansion or other improvement of the portion of

mixed-use property to be used for commercial purposes.

7. "Commercial purpose or use" means the buying, selling or otherwise

providing of goods or services, including hotel services, or other

lawful business or commercial activities permitted in mixed-use

property.

8. "Exemption base." For the purpose of computing the exemption

pursuant to section four hundred eighty-nine-bbbbb of this title,

"exemption base" shall mean: (a) for the first through fifth taxable

years following the effective date of a certificate of eligibility, the

assessed value of improvements made since the effective date of such

certificate which are attributable exclusively to residential

construction work or a combination of residential construction work and

commercial construction work described in approved plans; and (b) for

all other years, the assessed value of such improvements which have been

made before the sixth taxable status date following the effective date

of such certificate.

9. "Initial assessed value" means the lesser of (a) the taxable

assessed value of real property appearing on the books of the annual

record of the assessed valuation of real property on the effective date

of a recipient's certificate of eligibility or (b) the assessed value to

which such assessment is thereafter reduced pursuant to application to

the tax commission or court order.

10. "Minimum required expenditure" means expenditure for residential

construction work or a combination of residential construction work and

commercial construction work in an amount equal to twenty per centum of

the initial assessed value; provided, however, that if the department of

finance, after consultation with the deputy mayor for finance and

economic development, determines that a greater expenditure is required

to encourage significant development of mixed-use property, it may

establish by rule a higher percentage of initial assessed value, not to

exceed fifty per centum thereof, as the minimum required expenditure.

11. "Mixed-use property" means property on which will exist, after

completion of residential construction work or a combination of

residential construction work and commercial construction work, a

building or structure used for both residential and commercial purposes,

provided that after completion of such construction work, more than

twenty-five per centum of the aggregate floor area of such building or

structure is used or held out for use as commercial, community facility

or accessory use space.

12. "Mixed-use construction exemption area" means any area of a city

having a population of one million or more persons, in which, subject to

the applicable law governing zoning in such city, mixed-use property is

permitted, provided, however, that in the city of New York, subject to

the applicable law governing zoning in such city, mixed-use construction

exemption area shall mean: the area in the borough of Manhattan bounded

by Murray Street on the north starting at the intersection of West

Street and Murray Street; running easterly along the center line of

Murray Street; connecting through City Hall Park with the center line of

Frankfort Street and running easterly along the center lines of

Frankfort and Dover Streets to the intersection of Dover Street and

South Street; running southerly along the center line of South Street to

Peter Minuit Plaza; connecting through Peter Minuit Plaza to the center

line of State Street and running northwesterly along the center line of

State Street to the intersection of State Street and Battery Place;

running westerly along the center line of Battery Place to the

intersection of Battery Place and West Street; and running northerly

along the center line of West Street to the intersection of West Street

and Murray Street.

13. "Person" means an individual, corporation, limited liability

company, partnership, association, agency, trust, estate, foreign or

domestic government or subdivision thereof, or other entity.

14. "Recipient" means an applicant to whom a certificate of

eligibility has been issued pursuant to this title, or the successor in

interest of such applicant, provided that where a person who has entered

into a lease or purchase agreement with the owner or lessee of exempt

property has been a co-applicant, such person or the successor in

interest of such person shall be the recipient.

15. "Residential construction work" means the creation, modernization,

rehabilitation, expansion or other improvement of dwelling units, other

than dwelling units in a hotel, in the portion of mixed-use property to

be used for residential purposes.

16. "Restricted activity" means any entertainment activity which the

department of finance has identified in rules as an activity which, in

the public interest, should not be encouraged through the benefits of

this title.