§ 467-e. Rebate for owners or tenant-stockholders of one, two or three\nfamily residences or residential property held in the condominium or\ncooperative form of ownership in a city having a population of one\nmillion or more. 1. Generally. Notwithstanding any provision of any\ngeneral, special or local law to the contrary, any city having a\npopulation of one million or more is hereby authorized and empowered to\nadopt and amend local laws in accordance with this section to grant a\nrebate of real property taxes for fiscal years beginning on the first of\nJuly, two thousand three and ending on the thirtieth of June, two\nthousand nine in the amount of the lesser of four hundred dollars or the\nannual tax liability imposed on the property. No such local law may be\nadopted unless, as originally adopted, it authorizes such rebate to be\ngranted in accordance with this section for three consecutive fiscal\nyears beginning with the fiscal year beginning on the first of July, two\nthousand three. No such rebate shall be granted by local law for any\nfiscal year beginning on or after the first of July, two thousand nine,\nunless the council of such city, in fixing the annual tax rates for any\nsuch fiscal year, shall have uniformly reduced such rates for all\nclasses of property in order to produce real property tax relief among\nsuch classes of property in an amount not less than, in the aggregate,\nthe aggregate amount of rebate paid in such fiscal year. No such local\nlaw implementing the provisions of this section, as amended by the\nchapter of the laws of two thousand seven which added this sentence, may\nbe adopted unless, as originally adopted, such local law authorizes such\nrebate to be granted in accordance with this section for three\nconsecutive fiscal years beginning with the fiscal year beginning on the\nfirst of July, two thousand six. Any rebate authorized by local law in\naccordance with this section shall be paid in the fiscal year following\nthe fiscal year for which the rebate is granted. If, with respect to the\nfiscal year of such city beginning on the first of July, two thousand\neight and ending on the thirtieth of June, two thousand nine, an\nincrease in average real property tax rates would otherwise be necessary\nin the resolution of such city council fixing real property tax rates\nfor such fiscal year pursuant to the charter of such city, then the\nrebate to be paid for such fiscal year shall be reduced or eliminated as\nfollows: where the sum to be raised by such increase is less than seven\nhundred fifty million dollars, then such rebate shall be reduced by\nfifty cents for each dollar of increase, and where the sum to be raised\nby such increase is seven hundred fifty million dollars or more, then\nsuch rebate shall be eliminated. The determination of the reduction or\nelimination of such rebate shall be set forth in such resolution after\nconsultation with the department of finance of such city and shall take\neffect upon the final adoption of such resolution. Such rebate shall be\npaid to an owner or tenant-stockholder who, as of the date the\napplication provided for in subdivision four of this section is due,\nowns a one, two or three family residence or a dwelling unit in\nresidential property held in the condominium or cooperative form of\nownership that is the owner or tenant-stockholder's primary residence\nand meets all other eligibility requirements of this section.\nNotwithstanding anything to the contrary in sections four hundred\ntwenty-one-a, four hundred twenty-one-b or four hundred twenty-one-g of\nthis title, an owner or tenant-stockholder whose property is receiving\nbenefits pursuant to such sections shall not be prohibited from\nreceiving a rebate pursuant to this section if such owner or\ntenant-stockholder is otherwise eligible to receive such rebate.\nTenant-stockholders of dwelling units in a cooperative apartment\ncorporation incorporated as a mutual company pursuant to artic
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