N.Y. RPT Law § 421-D

* § 421-d. Exemption of multiple dwellings financed by the New York\nstate housing finance agency from local taxation. 1. The local\nlegislative body of any city, town or village having a population of\nless than one million is hereby authorized and empowered to adopt and\namend a local law to provide that any new or rehabilitated housing\ndevelopment, as defined in section forty-two of the private housing\nfinance law, subject to a mortgage, the loan for which was made or\nfinanced by notes, bonds or other obligations of the New York state\nhousing finance agency, the interest on which is exempt from taxation\npursuant to the Internal Revenue Code of 1954, as amended, after the\nadoption of such local law shall be exempt from taxation as provided by\nsuch local law.\n 2. (a) Such local law may provide that such eligible property shall be\nexempt from all taxes imposed by a municipal corporation, including\nthose imposed by or on behalf of a school district, other than special\nassessments and special ad valorem levies, during construction or\nrehabilitation, but for no longer than three years.\n (b) Such local law may also provide that the eligible property shall\nbe exempt upon the conclusion of the exemption period authorized by\nparagraph (a) of this subdivision, for as long as construction or\nrehabilitation continues and, thereafter, for so long as such mortgage\nis outstanding and the housing development, as defined in section\nforty-two of the private housing finance law, is used for residential\nunit purposes; provided, that the exemption authorized by this\nsubdivision shall be for a period not to exceed fifteen years in the\naggregate after the conclusion of the exemption authorized by paragraph\n(a) of this subdivision, and shall not exceed the following limitations:\nthree years of full exemption, followed by three years of exemption from\neighty percent of the assessed value of such property, followed by three\nyears of exemption from sixty percent of the assessed value of such\nproperty, followed by three years of exemption from forty percent of the\nassessed value of such property, followed by three years of exemption\nfrom twenty percent of the assessed value of such property; and provided\nthat taxes shall be paid during any such period after the taxable status\ndate immediately following the completion of construction or\nrehabilitation at least in the amount of the taxes paid on such land and\nimprovements thereon during the fiscal year preceding the commencement\nof such construction or rehabilitation and that the exemption from taxes\nshall not be availed of concurrently under any other law.\n * NB Repealed July 23, 2027\n