§ 32-04 Effective Date, Duration of Exemption and Abatement, Implementation Procedure with the Department of Finance.
RCNY § 32-04
(a)Effective Date of Abatement and Exemption. Tax benefits issued pursuant to the Act shall begin the July 1 following the issuance of a Certificate of Eligibility by the Department, provided that: (1) an application for tax benefits must be received by the Department by the close of business on the March 31 following the first taxable status date following Completion of Conversion. An application for partial tax exemption and abatement benefits for Non-Residential Buildings of 100,000 square feet or more of Aggregate Floor Area must be received by the close of business on the March 31 following the first taxable status date following the partial Completion of Conversion, and (2) a Temporary Certificate of Occupancy or Certificate of Occupancy is issued by the Department of Buildings by the prior taxable status date, and (3) for applications received after March 31, 1997, the applicant has submitted evidence that the Department of Finance has approved the final tax lots for those tax lots subject to the benefits pursuant to the Act by the prior taxable status date, if lot apportionment is required.
(b)Duration and Extent of Benefits.
(1)Duration of Exemption.
(i)Eligible Multiple Dwellings not designated as a Landmark prior to Completion of Conversion: a tax lot containing an Eligible Multiple Dwelling that is the subject of a Certificate of Eligibility issued pursuant to the Act shall be exempt from real property taxation for local purposes, other than assessments for local improvements, on the amount of the assessed value attributable exclusively to the physical improvement, for a period not to exceed twelve consecutive years beginning in the tax year immediately following the issuance of a Certificate of Eligibility, so long as such Eligible Multiple Dwelling is used or held out for use for dwelling purposes, except as otherwise provided herein. During the first eight years, the exemption shall equal the amount of the assessed value attributable exclusively to the physical improvement. During the ninth year, the exemption shall equal eighty per cent (80%) of such amount; during the tenth year, the exemption shall equal sixty per cent (60%) of such amount; during the eleventh year, the exemption shall equal forty per cent (40%) of such amount; and during the twelfth year, the exemption shall equal twenty per cent (20%) of such amount.
(ii)Eligible Multiple Dwellings designated as a Landmark before Completion of Conversion: a tax lot containing an Eligible Multiple Dwelling that is the subject of a Certificate of Eligibility issued pursuant to the Act, and that is in a building that, in accordance with procedures set forth in local law, was designated as a Landmark before Completion of Conversion shall be exempt from real property taxation for local purposes, other than assessments for local improvements, on the amount of the assessed value attributable exclusively to the physical improvement, for a period not to exceed thirteen consecutive years beginning in the tax year immediately following the issuance of a Certificate of Eligibility, so long as such Eligible Multiple Dwelling is used or held out for use for dwelling purposes, except as otherwise provided herein. During the first nine years, the exemption shall equal the amount of the assessed value attributable exclusively to the physical improvement. During the tenth year, the exemption shall equal eighty per cent (80%) of such amount; during the eleventh year, the exemption shall equal sixty per cent (60%) of such amount; during the twelfth year, the exemption shall equal forty per cent (40%) of such amount; and during the thirteenth year, the exemption shall equal twenty per cent (20%) of such amount.
(2)Duration of Abatement.
(4)Benefit Reduction for Non-Residential Space. If the Aggregate Floor Area of Commercial, Community Facility and Accessory Use Space exceeds twelve per cent (12%) of the Aggregate Floor Area of any building receiving benefits pursuant to the Act, the abatement and exemption benefit shall be reduced according to the procedure set forth in 28 RCNY § 32-03(d)(3).
(5)Benefits granted under the Act may not be combined with benefits under any other section of the Real Property Tax Law or any local law or any Rule promulgated thereunder for the same tax lot.
(c)Implementation of Benefit. Upon issuance of a 421-g Certificate of Eligibility, payment of outstanding fees, and verification that all charges owed to the City outstanding for more than one quarter have been paid, the Department will transmit the Certificate of Eligibility to the Department of Finance.
