§ 489-bbbb. Power to enact local law; real property tax exemption;\ndeferral of tax payments. Any city having a population of one million or\nmore, acting through its local legislative body, is authorized and\nempowered to determine that incentives in the form of exemption from or\nabatement or deferral of payment of real property taxes are necessary to\nencourage industrial and commercial development in such city and to\nenact a local law providing that such benefits shall be provided in the\nmanner set forth in this title. Such city shall be divided into six\nclasses of areas as provided in this title and pursuant to designation\nof areas to be made by a temporary commercial incentive area boundary\ncommission. Within such areas, the following benefits shall be available\nto qualified recipients:\n 1. (a) A recipient who, following the effective date of a certificate\nof eligibility, has performed industrial construction work in any area\nof such city shall be eligible for an exemption from real property taxes\nas follows: For the first thirteen tax years, the recipient shall be\nexempt from taxation on one hundred per centum of the exemption base.\nFor the following nine tax years, the recipient shall be exempt from\ntaxation on a percentage of the exemption base beginning at ninety per\ncentum thereof in the fourteenth tax year and decreasing by ten per\ncentum of said exemption base each year.\n The following table shall illustrate the computation of the exemption\nfor industrial construction work:\nTax year following effective\ndate of certificate of\neligibility: Amount of exemption:\n 1 through 13 Tax on 100% of exemption base\n 14 Tax on 90% of exemption base\n 15 Tax on 80% of exemption base\n 16 Tax on 70% of exemption base\n 17 Tax on 60% of exemption base\n 18 Tax on 50% of exemption base\n 19 Tax on 40% of exemption base\n 20 Tax on 30% of exemption base\n 21 Tax on 20% of exemption base\n 22 Tax on 10% of exemption base\n (b) Notwithstanding paragraph (a) of this subdivision, a recipient who\nfiled an application for a certificate of eligibility for industrial\nconstruction work in any area of such city on or after July first,\nnineteen hundred ninety-five, and who, following the effective date of\nsuch certificate of eligibility, has performed such industrial\nconstruction work shall be eligible for an exemption from real property\ntaxes as follows: For the first sixteen tax years, the recipient shall\nbe exempt from taxation on one hundred per centum of the exemption base.\nFor the following nine tax years, the recipient shall be exempt from\ntaxation on a percentage of the exemption base beginning at ninety per\ncentum thereof in the seventeenth tax year and decreasing by ten per\ncentum of said exemption base each year.\n The following table shall illustrate the computation of the exemption\nfor industrial construction work pursuant to this paragraph:\nTax year following effective\ndate of certificate of\neligibility: Amount of exemption:\n 1 Through 16 Tax on 100% of exemption base\n 17 Tax on 90% of exemption base\n 18 Tax on 80% of exemption base\n 19 Tax on 70% of exemption base\n 20 Tax on 60% of exemption base\n 21 Tax on 50% of exemption base\n 22 Tax on 40% of exemption base\n 23 Tax on 30% of exemption base\n 24 Tax on 20% of exemption base\n 25
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