N.Y. Real Property Tax Law § 499-bbb: Real property tax abatement

§ 499-bbb. Real property tax abatement. An eligible building shall

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

and the rules promulgated hereunder.

1. (a) The amount of such tax abatement for any tax year commencing on

or after July first, two thousand nine and ending on or before June

thirtieth, two thousand fourteen shall be four dollars and fifty cents

per square foot of a green roof pursuant to an approved application for

tax abatement; provided, however, that the amount of such tax abatement

shall not exceed the lesser of (i) one hundred thousand dollars or (ii)

the tax liability for the eligible building in the tax year in which the

tax abatement is taken.

(b) The total amount of such tax abatement commencing on or after July

first, two thousand fourteen and ending on or before June thirtieth, two

thousand thirty-one, shall be ten dollars per square foot of a green

roof pursuant to an approved application for tax abatement; provided,

however, that the amount of such tax abatement shall not exceed two

hundred thousand dollars. To the extent the amount of such tax abatement

exceeds the total tax liability in any tax year, any remaining amount

may be applied to the tax liability in succeeding tax years, provided

that such abatement must be applied within five years of the tax year in

which the tax abatement was initially taken.

(c) Notwithstanding paragraph (b) of this subdivision, property

located within specifically designated New York city community

districts, selected by an agency designated by the mayor of the city of

New York pursuant to subdivision five of this section, shall receive an

enhanced tax abatement for any green roof. The total amount of such

enhanced tax abatement commencing on or after July first, two thousand

nineteen and ending on or before June thirtieth, two thousand

thirty-one, shall be fifteen dollars per square foot of a green roof

pursuant to an approved application for enhanced tax abatement:

provided, however, that the amount of such enhanced tax abatement shall

not exceed two hundred thousand dollars. To the extent the amount of

such enhanced tax abatement exceeds the total tax liability in any tax

year, any remaining amount may be applied to the tax liability in

succeeding tax years, provided that such abatement must be applied

within five years of the tax year in which the tax abatement was

initially taken.

(d) Notwithstanding paragraph (b) or (c) of this subdivision, the

aggregate amount of tax abatements allowed under this subdivision for

the tax year commencing July first, two thousand fourteen and ending

June thirtieth, two thousand fifteen shall be a maximum of seven hundred

fifty thousand dollars, and the aggregate amount of tax abatements

allowed under this subdivision for any tax year commencing on or after

July first, two thousand fifteen and ending on or before June thirtieth,

two thousand thirty-one shall be a maximum of four million dollars. No

tax abatements shall be allowed under this subdivision for any tax year

commencing on or after July first, two thousand thirty-one.

(e) Such aggregate amount of tax abatements including enhanced tax

abatements, shall be allocated by the department of finance on a first

come first serve basis among applicants whose applications have been

approved by a designated agency. If such allocation is not made prior to

the date that the real property tax bill, statement of account or other

similar bill or statement is prepared, then the department of finance

shall, as necessary, after such allocation is made, submit an amended

real property tax bill, statement of account or other similar bill or

statement to any applicant whose abatement must be adjusted to reflect

such allocation. Nothing in this paragraph shall be deemed to affect the

obligation of any taxpayer under applicable law with respect to the

payment of any installment of real property tax for the fiscal year as

to which such allocation is made, which was due and payable prior to the

date such amended real property tax bills are sent, and the department

of finance shall be authorized to determine the date on which amended

bills are to be sent and the installments of real property tax which are

to be reflected therein.

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

approval of an application for tax abatement by a designated agency.

3. With respect to any eligible building held in the condominium form

of ownership that receive a tax abatement pursuant to this title, such

tax abatement benefits shall be apportioned among all of the condominium

tax lots within such eligible building.

4. If, as a result of application to the tax commission or a court

order or action by the department of finance, the billable assessed

value for the fiscal year in which the tax abatement is taken is reduced

after the assessment roll becomes final, the department of finance shall

recalculate the abatement so that the abatement granted shall not exceed

the annual tax liability as so reduced. The amount equal to the

difference between the abatement originally granted and the abatement as

so recalculated shall be deducted from any refund otherwise payable or

remission otherwise due as a result of such reduction in billable

assessed value.

5. Buildings located within specifically designated New York city

community districts, as identified by an agency designated by the mayor

of the city of New York, shall be eligible for the enhanced tax

abatement described in paragraph (c) of subdivision one of this section.

No building located outside of a designated area shall be eligible to

receive an enhanced abatement. An agency designated by the mayor of the

city of New York shall select community districts on a rolling basis

over a period of three years. In selecting community districts, such

agency shall prioritize areas in the priority combined sewage overflow

tributary areas identified by the city of New York, with particular

emphasis on those portions of such city that have been identified by an

agency designated by the mayor of such city as lacking green space.