§ 499-bb. Real property tax abatement. 1. Except as provided in\nsubdivisions one-a and one-b of this section, within a city having a\npopulation of one million or more, eligible buildings containing\neligible premises shall receive an abatement of real property taxes\nduring the benefit period as follows:\n (a) for each of the first three years of the benefit period, the\nabatement shall be equal to the product obtained by (i) multiplying the\ntenant's percentage share by the number of square feet in the eligible\nbuilding, as listed on the records of the department of finance and (ii)\nmultiplying the product obtained in subparagraph (i) of this paragraph\nby the abatement base;\n (b) for the fourth year of the benefit period, the abatement shall be\nequal to two-thirds of the abatement in the first year of the benefit\nperiod; and\n (c) for the fifth year of the benefit period, the abatement shall be\nequal to one-third of the abatement in the first year of the benefit\nperiod.\n 1-a. Except as provided in subdivision one-b of this section, within a\ncity having a population of one million or more, eligible buildings\ncontaining eligible premises occupied or used by a tenant pursuant to a\nlease having a lease commencement date on or after April first, nineteen\nhundred ninety-seven with an initial lease term of less than five years,\nbut not less than three years, shall receive an abatement of real\nproperty taxes during the benefit period as follows:\n (a) for the first year of the benefit period, the abatement shall be\nequal to the product obtained by (i) multiplying the tenant's percentage\nshare by the number of square feet in the eligible building, as listed\non the records of the department of finance and (ii) multiplying the\nproduct obtained in subparagraph (i) of this paragraph by the abatement\nbase;\n (b) for the second year of the benefit period, the abatement shall be\nequal to two-thirds of the abatement in the first year of the benefit\nperiod; and\n (c) for the third year of the benefit period, the abatement shall be\nequal to one-third of the abatement in the first year of the benefit\nperiod.\n 1-b. (a) Within a city having a population of one million or more,\neligible buildings containing eligible premises as defined in\nsubparagraph (ii) of paragraph (b) or paragraph (c) of subdivision ten\nof section four hundred ninety-nine-aa of this title occupied or used by\na tenant pursuant to a lease having a lease commencement date on or\nafter July first, two thousand five with an initial lease term of not\nless than three years, shall receive an abatement of real property taxes\nfor each year of the benefit period equal to the product obtained by (i)\nmultiplying the tenant's percentage share by the number of square feet\nin the eligible building, as listed on the records of the department of\nfinance and (ii) multiplying the product obtained in subparagraph (i) of\nthis paragraph by the abatement base.\n (b) (i) The benefit described in paragraph (a) of this subdivision\nshall apply to eligible premises where at least ninety percent of the\naggregate floor area is occupied or used for industrial and\nmanufacturing activities, as defined in subdivision fourteen-a of\nsection four hundred ninety-nine-aa of this title.\n (ii) If at least fifty percent of the aggregate floor area of the\neligible premises but less than ninety percent of such premises are\noccupied or used for industrial and manufacturing activities, as defined\nin subdivision fourteen-a of section four hundred ninety-nine-aa of this\ntitle, the benefits described in paragraph (a) of this subdivision shall\nbe limited to the proportion of such eligible premises occupied or used\nfor such activities.\n 2. If, as a result of application to the tax commission or a court\norder or action by the department of finance, the billable assessed\nvalue is reduced, the department of finance shall recalculate the\nabatement utilizing such reduced
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