§ 31-05 Tax Exemption: Effective Date, Duration and Amount.
RCNY § 31-05
(a)Effective date of exemption. Tax exemption under 28 RCNY §§ 31-01 through 31-06 shall commence on the latter of: (i) the date of acquisition of the eligible property by the qualified owner, (ii) the effective date of a regulatory agreement, or (iii) the date of issuance of an Allocation Document, except as follows: (1) Where Eligible Property acquired after January 5 was exempt from Real Property taxation on the date of such transfer, the property shall remain exempt for the balance of the tax year in progress and for the next full tax year.
(2)Duration of exemption. The exemption shall expire upon the expiration or termination of the Regulatory Agreement or thirty years from commencement of exemption if the Regulatory Agreement exceeds thirty years. If the extended use period as defined in the Code is terminated in accordance with § 42 of the Code, the Regulatory Agreement shall be deemed terminated.
(3)Amount of tax exemption. With respect to the portions of Real Property which are not Eligible Property, the Department of Finance will apportion assessed value between exempt portions of Real Property and non-exempt portions thereof (both as determined by the Office) based upon each portion's relative percentage of the entire parcel's full market value. (Amended City Record 8/21/2015, eff. 9/19/2015)
