N.Y. RPT Law § 421-E

§ 421-e. Exemption of cooperative, condominium, homesteading and\nrental projects from local taxation. The local legislative body of any\ncity, town or village is hereby authorized and empowered to adopt and\namend a local law to provide that any cooperative, condominium,\nhomesteading or rental project which receives payments, grants or loans\npursuant to article eighteen of the private housing finance law or any\nnew construction project which receives payments, grants or loans\npursuant to article nineteen of the private housing finance law shall be\nexempt from taxation as provided in such local law. Such local law may\nprovide that such eligible property shall be exempt from all or any\nportion of the taxes imposed by a municipality, including those imposed\nby a school district, other than assessments for local improvements for\na period not to exceed twenty years in the aggregate after the taxable\nstatus date immediately following the completion thereof, calculated not\nto exceed the following exemptions: twelve years of full exemption\nfollowed by two years of exemption from eighty percent of such taxation,\nfollowed by two years of exemption from sixty percent of such taxation,\nfollowed by two years of exemption from forty percent of such taxation,\nfollowed by two years of exemption from twenty percent of such taxation;\nprovided that the tax exemption authorized by this section shall be in\naddition to any other tax exemption or abatement authorized by law, and\nprovided further, however, that in the event a cooperative, condominium,\nhomesteading or rental project ceases to be subject to one or more\nprovisions of article eighteen of the private housing finance law\npursuant to the provisions of paragraph (c) of subdivision six-a of\nsection eleven hundred two of such law, any tax exemption authorized\npursuant to this section with respect to the eligible property of such\nproject shall terminate.\n