N.Y. Real Property Tax Law 499-DDDDD – Continuing requirements
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§ 499-ddddd. Continuing requirements. Granting of the tax abatement authorized by this title requires that an owner whose application for tax abatement has been approved:
Terms Used In N.Y. Real Property Tax Law 499-DDDDD
- Abatement period: means the tax year or tax years in which the abatement is applied by the department of finance to the real property tax liability of an eligible building, provided that such abatement may not be applied to the real property tax liability of such building during more than five tax years. See N.Y. Real Property Tax Law 499-AAAAA
- Application for tax abatement: means an application for a childcare center tax abatement pursuant to section four hundred ninety-nine-ccccc of this title. See N.Y. Real Property Tax Law 499-AAAAA
- Eligible building: means a class one, class two or class four property, as such classes of property are defined in subdivision one of section eighteen hundred two of this chapter, located within a city having a population of one million or more, provided that, for any such property held in the condominium form of ownership, "eligible building" shall mean a tax lot in such property. See N.Y. Real Property Tax Law 499-AAAAA
- Owner: means the owner of an eligible building, or with respect to an eligible building held in the cooperative form of ownership, the board of directors of a cooperative apartment corporation, or, with respect to an eligible building held in the condominium form of ownership, an owner of a tax lot in such building or the board of managers of such building. See N.Y. Real Property Tax Law 499-AAAAA
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
1. complies with all applicable provisions of law, including but not limited to, the local health, building and fire codes; and
2. does not have real property taxes, water and sewer charges, payments in lieu of taxes or other municipal charges with respect to an eligible building due and owing during the abatement period for a period of six months or more.