§ 31-11 Tax Exemption: Effective Date, Duration and Amount.
RCNY § 31-11
(a)Effective date of exemption. Tax exemption under 28 RCNY §§ 31-07 through 31-12 shall commence on the latter of: (i) the date of acquisition of the Eligible Real Property by the Eligible Owner or, (ii) the effective date of a Regulatory Agreement, or (iii) the date of issuance of an Allocation Document, except as follows: (1) Where Eligible Real 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)Where dwelling units in the Real Property were formerly assisted under the Tax Credit Program and the Eligible Owner has agreed to continue to rent such units in accordance with the income and other requirements of the Tax Credit Program, the tax exemption under 28 RCNY §§ 3-07 through 3-12 shall commence on the latter of: (i) the date of acquisition of the Eligible Real Property by the Eligible Owner or, (ii) the effective date of a Regulatory Agreement in which such Eligible Owner has agreed to continue to subject the dwelling units in such Real Property to the restrictions of the Tax Credit Program.
(b)Duration of exemption. The exemption shall expire upon the expiration or termination of the Regulatory Agreement but in no event shall exceed sixty years.
(c)Amount of tax exemption. With respect to the portions of Real Property which are not Eligible Real 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. (Added City Record 8/21/2015, eff. 9/19/2015)
