[Adopted 10-15-1984 by L.L. No. 8-1984]
The purpose of this article is to provide an exemption from real property taxes for new or rehabilitated residential dwellings financed through the New York State Housing Finance Agency.
Pursuant to § 421-d of the Real Property Tax Law, any new or rehabilitated residential building subject to a mortgage, the loan for which was made or financed by notes, bonds or other obligations of the New York State Housing Finance Agency, the interest on which is exempt from taxation pursuant to Internal Revenue Code of 1954, as amended, shall be exempt from property taxes, other than assessments for local improvements, during construction or rehabilitation and so long as such mortgage is outstanding and the building is used for residential purposes for a period not to exceed 15 years after the taxable status date immediately following the completion thereof, according to the following schedule:
Notwithstanding the provisions of the above schedule of exemptions, there shall be due, during any such period of exemption, taxes at least in the amount of the taxes paid on such land and improvements thereon during the tax year preceding the commencement of such construction or rehabilitation.
During the period of exemption under this article, no other exemption from taxes shall be availed of concurrently under any other law.
Such exemption shall apply to assessments on or after June 1, 1985, the next taxable status date.
This article shall be in full force and effect from and after its passage, approval, recording and publication as provided by law.