§ 489-ddd. Real property tax exemption. 1. A real property tax\nexemption pursuant to this title shall be granted to an applicant who,\nwithin a period of thirty-six months, or following an extension pursuant\nto section four hundred eighty-nine-hhh of this title within a period of\nforty-eight months, from the date of issuance of a certificate of\neligibility has completed reconstruction or construction work in\naccordance with the plans approved by the board in the certificate of\neligibility. The amount of the tax exemption shall be determined as\nfollows:\n (a) In the case of an applicant who has completed industrial\nconstruction or reconstruction work, or commercial reconstruction work\ndesignated as of right pursuant to section four hundred eighty-nine-ccc\nof this title or as specially needed pursuant to section four hundred\neighty-nine-eee of this title, the tax exemption shall continue for\nnineteen tax years in an amount decreasing by five per centum each year\nfrom an exemption of ninety-five per centum of the exemption base, as\ndefined in paragraph (d) of this subdivision.\n (b) In the case of an applicant who has completed other commercial\nreconstruction work, or new commercial construction work designated as\nof right pursuant to section four hundred eighty-nine-ccc of this title\nor as specially needed pursuant to section four hundred eighty-nine-eee\nof this title, the tax exemption shall continue for ten tax years, in an\namount decreasing by five per centum each year from an exemption of\nfifty per centum of the exemption base.\n (c) In the case of an applicant who has completed other new commercial\nconstruction work, the exemption shall continue for five tax years in an\namount decreasing by ten per centum each year from an exemption of fifty\nper centum of the exemption base.\n (d) The term "exemption base" shall mean the difference between the\nfinal assessed value of the property as determined upon completion of\nthe construction or reconstruction work and the lesser of (i) the\nassessed value of the property at the time an application for a\ncertificate of eligibility pursuant to this title is made, or (ii) the\nassessed value as may thereafter be reduced pursuant to application to\nthe tax commission.\n The tax exemption shall be computed according to the following tables:\n CONSTRUCTION OR RECONSTRUCTION OF INDUSTRIAL\n STRUCTURES OR RECONSTRUCTION OF AS OF RIGHT OR\n SPECIALLY NEEDED COMMERCIAL STRUCTURES\n Year following Percentage of\n completion of work exemption\n 1. 95\n 2. 90\n 3. 85\n 4. 80\n 5. 75\n 6. 70\n 7. 65\n 8. 60\n 9. 55\n 10. 50\n 11. 45\n 12. 40\n 13. 35\n 14. 30\n 15. 25\n 16. 20\n 17. 15\n 18. 10\n 19. 5\n RECONSTRUCTION OF OTHER COMMERCIAL STRUCTURES\n OR CONSTRUCTION OF AS OF RIGHT OR SPECIALLY\n NEEDED COMMERCIAL STRUCTURES\n Year following P
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