§ 421-b. Exemption of certain private dwellings, multiple dwellings\nand improvements from local taxation; certain cases. 1. (a) Within a\ncity having a population of one million or more, private dwellings (land\nand improvements) to be occupied as a residence for the first time,\nwhether newly constructed or resulting from the conversion of any\nbuilding or structure to a private dwelling, and existing private\ndwellings previously occupied, reconstructed or improved to the extent\nof at least forty percent of their assessed valuation without the\nimprovement, shall be exempt from all local and municipal taxes, other\nthan assessments for local improvements, during the tax year or years\nnext following the taxable status date or dates after commencement and\nbefore completion of construction, reconstruction or conversion thereof,\nbut for no more than two years after commencement of such construction,\nreconstruction or conversion, and shall be exempt from such local and\nmunicipal taxes after the earlier of completion of such construction,\nreconstruction or conversion or the end of such two year period, as\nfollows: two years of exemption from all such taxes; followed by one\nyear of exemption from seventy-five percent of such taxes; followed by\none year of exemption from sixty-two and one-half percent of such taxes;\nfollowed by one year of exemption from fifty percent of such taxes;\nfollowed by one year of exemption from thirty-seven and one-half percent\nof such taxes; followed by one year of exemption from twenty-five\npercent of such taxes; and followed by one year of exemption from twelve\nand one-half percent of such taxes. Notwithstanding the foregoing\nprovisions of this paragraph: (i) exemption from local and municipal\ntaxes under this section shall not be available to property exempt from\nsuch taxes under any other law; (ii) the tax lot (land and improvements)\nupon which the private dwelling is constructed, reconstructed or\nconverted shall at all times be subject to local and municipal taxes in\nan amount not less than the amount of local and municipal taxes that\nwould be payable thereon based upon the lesser of the assessed\nvaluation, during the tax year immediately preceding the tax year in\nwhich such construction, reconstruction or conversion commenced or in\nthe case of new construction, the assessed valuation of the land\nappearing on the assessment roll in the first year after completion of\nconstruction; and (iii) in the event that a private dwelling, whether\nowner occupied or not, is fully demolished and removed on or after\nSeptember first, two thousand four, the tax lot (land and improvements)\nupon which such private dwelling was located shall not be eligible for\nexemption from local and municipal taxes under this section for a period\nof three years commencing upon the date of issuance of the demolition\nand removal permit for such private dwelling.\n (b) Within a city having a population of one million or more, multiple\ndwellings (land and improvements) containing not more than four dwelling\nunits to be occupied as a residence for the first time, whether newly\nconstructed or resulting from the conversion of any building or\nstructure to a multiple dwelling, and existing multiple dwellings\ncontaining not more than four dwelling units previously occupied,\nreconstructed or improved to the extent of at least forty percent of\ntheir assessed valuation without the improvement, shall be exempt from\nall local and municipal taxes, other than assessments for local\nimprovements, during the tax year or years next following the taxable\nstatus date or dates after commencement and before completion of\nconstruction, reconstruction or conversion thereof, but for no more than\ntwo years after commencement of such construction, reconstruction or\nconversion, and shall be exempt from such local and municipal taxes\nafter the earlier of completion of such construction, reconstruction or\nconversion
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