City of Albany, NY
Albany County
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Table of Contents
Table of Contents
[Adopted 1-5-1987 by L.L. No. 1-1987]
[Amended 11-21-1988 by L.L. No. 1-1989]
The purpose of this article is to provide an exemption from real property taxes, including those imposed by the Albany School District, for any cooperative, condominium, homesteading or rental rehabilitation project which receives payments, grants or loans pursuant to Article XVIII of the Private Housing Finance Law or any newly constructed housing financed by payments, grants or loans pursuant to Article XIX of the Private Housing Finance Law.
[Amended 11-21-1988 by L.L. No. 1-1989]
Pursuant to § 421-e of the Real Property Tax Law, any cooperative, condominium, homesteading or rental rehabilitation project which receives payments, grants or loans pursuant to Article XVIII of the Private Housing Finance Law or any new residential construction project which received payments, grants or loans pursuant to Article XIX of the Private Housing Finance Law shall be exempt from property taxes, including those imposed by a school district, other than assessments for local improvements, for a period of 15 years after the taxable status date immediately following the completion of each residential structure, in accordance with the following schedule:
Year
Percentage of Exemption
1
100
2
93 1/3
3
86 2/3
4
80
5
74 1/3
6
66 2/3
7
60
8
53 1/3
9
46 2/3
10
40
11
33 1/3
12
26 2/3
13
20
14
13 1/3
15
6 2/3
Pursuant to § 421-e of the Real Property Tax Law, the tax exemptions authorized by this article shall be in addition to any other tax exemption or abatement authorized by law.
This article shall take effect immediately upon its passage, publication and filing as required by law.