§ 33. Tax exemptions. 1. (a) Upon the consent of the local legislative\nbody of any municipality in which a project is or is to be located, the\nreal property in a project shall be exempt from local and municipal\ntaxes, other than assessments for local improvements, to the extent of\nall or part of the value of the property included in such project which\nrepresents an increase over the assessed valuation of the real property,\nboth land and improvements, acquired for the project at the time of its\nacquisition by the limited-profit housing company, provided, however,\nthat the real property in a project acquired for purposes of\nrehabilitation shall be exempt to the extent of all or part of the value\nof the property included in such project, and further provided that the\namount of such taxes to be paid shall not be less than ten per centum of\nthe annual shelter rent or carrying charges of such project except that\nfor projects located or to be located in a city of a population of one\nmillion or more, the amount of such taxes shall be no more than five per\ncentum of the annual shelter rent or carrying charges of the project.\nUpon the consent of the local legislative body of a municipality, other\nthan a city with a population of one million or more, in which the\nproject is located, the amount of such taxes may be further reduced to\nfive per centum or less of the annual shelter rent or carrying charges\nof the project. Any such granted consent to reduce the amount of such\ntaxes shall expire every ten years. If such authorization is not\nrenewed, the rate of taxation shall revert to the level established\nbefore the consent was granted. Shelter rent shall mean the total rents\nreceived from the occupants of a project less the cost of providing to\nthe occupants electricity, gas, heat and other utilities. Total rents\nshall include rent supplements and subsidies received from the federal\ngovernment, the state or a municipality on behalf of such occupants but\nshall not include interest reduction payments pursuant to subdivision\n(a) of section two hundred one of the Federal Housing and Urban\nDevelopment Act of nineteen hundred sixty-eight. The tax exemption shall\noperate and continue so long as the mortgage loans of the company,\nincluding any additional mortgage loan the proceeds of which are used\nprimarily for the residential portion of the project, which additional\nloan is approved by the commissioner or the supervising agency, are\noutstanding.\n (b) Where a municipality acts on behalf of another taxing jurisdiction\nin assessing real property for the purpose of taxation, or in levying\ntaxes therefor, the consent of the local legislative body of such\nmunicipality shall have the effect of exempting the real property in a\nproject from local and municipal taxes, other than assessments for local\nimprovements, levied by or in behalf of both such taxing jurisdictions.\n As used in this paragraph, the term "taxing jurisdiction" means any\nmunicipal corporation or district corporation, including any school\ndistrict or any special district, having the power to levy or collect\ntaxes and benefit assessments upon real property, or in whose behalf\nsuch taxes or benefit assessments may be levied or collected.\n (c) Notwithstanding the provisions of paragraphs (a) and (b) of this\nsubdivision, the real property of a state urban development corporation\nproject acquired, owned, constructed, managed or operated by a company\nincorporated pursuant to the not-for-profit corporation law and this\narticle shall be entitled to all the benefits provided by section four\nhundred twenty-two of the real property tax law. The real property of a\nstate urban development corporation project, other than a state urban\ndevelopment corporation project acquired, owned, constructed, managed or\noperated by a company incorporated pursuant to the not-for-profit\ncorporation law and this article, shall be exempt from all local and\nmunic
‹ Prev All New York sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.