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

§ 499-bbbb. 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. The amount of such tax abatement shall be as follows:

(a) if the solar electric generating system is placed in service on or

after the effective date of this title and before January first, two

thousand eleven, for each year of the compliance period such tax

abatement shall be the lesser of (i) eight and three-fourths percent of

eligible solar electric generating system expenditures, (ii) the amount

of taxes payable in such tax year, or (iii) sixty-two thousand five

hundred dollars; or

(b) if the solar electric generating system is placed in service on or

after January first, two thousand eleven, and before January first, two

thousand thirteen, for each year of the compliance period such tax

abatement shall be the lesser of (i) five percent of eligible solar

electric generating system expenditures, (ii) the amount of taxes

payable in such tax year, or (iii) sixty-two thousand five hundred

dollars; or

(c) if the solar electric generating system is placed in service on or

after January first, two thousand thirteen, and before January first,

two thousand fourteen, for each year of the compliance period such tax

abatement shall be the lesser of (i) two and five-tenths percent of

eligible solar electric generating system expenditures, (ii) the amount

of taxes payable in such tax year, or (iii) sixty-two thousand five

hundred dollars; or

(d) if the solar electric generating system is placed in service on or

after January first, two thousand fourteen, and before January first,

two thousand twenty-four, for each year of the compliance period such

tax abatement shall be the lesser of (i) five percent of eligible solar

electric generating system expenditures, (ii) the amount of taxes

payable in such tax year, or (iii) sixty-two thousand five hundred

dollars; or

(e) if electric energy storage equipment is placed in service on or

after January first, two thousand nineteen, and before January first,

two thousand twenty-four, for each year of the compliance period such

tax abatement shall be the lesser of (i) ten percent of eligible

electric energy storage equipment expenditures, (ii) the amount of taxes

payable in such tax year, or (iii) sixty-two thousand five hundred

dollars; or

(f) if the solar electric generating system and/or electric energy

storage system is placed in service on or after January first, two

thousand twenty-four, and before January first, two thousand

thirty-five, for each year of the compliance period such tax abatement

shall be the lesser of (i) seven and one-half percent of eligible solar

electric generating system and/or energy storage system expenditures,

(ii) the amount of taxes payable in such tax year, or (iii) sixty-two

thousand five hundred dollars.

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

approval of an application for tax abatement by a designated agency, and

may not be carried over to any subsequent tax year.

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

of ownership that receives 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 any 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.