Terms Used In New York Laws > Real Property Tax > Article 4 > Title 2-F - Abatement of Tax Payments For Certain Industrial and Commercial Properties In a City of One Million or More Persons

• Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
• Affirmed: In the practice of the appellate courts, the decree or order is declared valid and will stand as rendered in the lower court.
• Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
• Commercial construction work: means the construction of a new building or structure or the modernization, rehabilitation, expansion or improvement of an existing building or structure for use as commercial property. See N.Y. Real Property Tax Law 489-AAAAAA
• Commercial exclusion area: means an area as defined in subdivision four of section four hundred eighty-nine-gggggg of this title. See N.Y. Real Property Tax Law 489-AAAAAA
• Commercial property: means nonresidential property on which will exist after completion of commercial construction work a building or structure, or portion thereof, used for the buying, selling or otherwise providing of goods or services including hotel services, or for other lawful business, commercial or manufacturing activities; provided that property or portions of property dedicated to utility property shall not be considered commercial property for purposes of this title. See N.Y. Real Property Tax Law 489-AAAAAA
• Commissioner: means the commissioner of finance of a city that has enacted a local law pursuant to this title. See N.Y. Real Property Tax Law 489-AAAAAA
• Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
• Contract: A legal written agreement that becomes binding when signed.
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Credit report: A detailed report of an individual's credit history prepared by a credit bureau and used by a lender in determining a loan applicant's creditworthiness. ^{Source: OCC}
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Department: means the department of finance of a city that has enacted a local law pursuant to this title. See N.Y. Real Property Tax Law 489-AAAAAA
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Fair Credit Reporting Act: A federal law, established in 1971 and revised in 1997, that gives consumers the right to see their credit records and correct any mistakes. ^{Source: OCC}
• Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. ^{Source: FDIC}
• Industrial construction work: means the construction of a new building or structure or the modernization, rehabilitation, expansion or improvement of an existing building or structure for use as industrial property. See N.Y. Real Property Tax Law 489-AAAAAA
• Industrial property: means nonresidential property on which will exist after completion of industrial construction work a building or structure, or portion thereof, with at least seventy-five percent of the total net square footage of the property used or immediately available and held out for manufacturing activities involving assembling goods or the fabrication or processing of raw materials; provided that property or portions of property dedicated to utility property shall not be considered industrial property for purposes of this title. See N.Y. Real Property Tax Law 489-AAAAAA
• Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. ^{Source: OCC}
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• Lien: A claim against real or personal property in satisfaction of a debt.
• Minimum required expenditure: means the amount that an applicant must expend on construction work for a project in order to qualify for benefits as provided in this title. See N.Y. Real Property Tax Law 489-AAAAAA
• Mixed-use property: means property on which exists, or will exist upon completion of construction work, a building or structure used for both residential and nonresidential purposes. See N.Y. Real Property Tax Law 489-AAAAAA
• peaking unit: shall mean a generating unit that: (a) is determined by the New York independent system operator or a federal or New York state energy regulatory commission to constitute a peaking unit as set forth in section 5. See N.Y. Real Property Tax Law 489-AAAAAA
• Personal property: All property that is not real property.
• Quorum: The number of legislators that must be present to do business.
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
• Renovation construction work: means the modernization, rehabilitation, expansion or improvement of an existing building or structure where such modernization, rehabilitation, expansion or improvement is physically and functionally integrated with the existing building or structure, or portion thereof, does not increase the bulk of the existing building or structure by more than thirty percent, and does not increase the height of the existing building or structure by more than thirty percent. See N.Y. Real Property Tax Law 489-AAAAAA
• Residential construction work: means any construction, modernization, rehabilitation, expansion or improvement of dwelling units other than dwelling units in a hotel. See N.Y. Real Property Tax Law 489-AAAAAA
• Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
• Restricted activity: means any entertainment activity that the department has identified in rules promulgated pursuant to a local law enacted pursuant to this title as an activity which, in the public interest, should not be encouraged through the benefits of this title. See N.Y. Real Property Tax Law 489-AAAAAA
• Retail purposes: means any activity that consists predominately of (a) the final sale of tangible personal property or services by a vendor as defined in § 1101 of the tax law, (b) the sale of services that generally involve the physical, mental, and/or spiritual care of individuals or the physical care of the personal property of individuals, (c) retail banking services, or (d) the final sale of food and/or beverage by a vendor as defined in § 1101 of the tax law, including the assembly, processing or packaging of goods, provided that sales of such tangible personal property or services are predominantly to purchasers who personally visit the facilities at which such sales are made or such property and services are provided. See N.Y. Real Property Tax Law 489-AAAAAA
• Temporary commercial incentive area boundary commission: means a commission as defined in section four hundred eighty-nine-gggggg of this title. See N.Y. Real Property Tax Law 489-AAAAAA
• Utility property: means property and equipment as described in paragraphs (c), (d), (e), (f) and (i) of subdivision twelve of section one hundred two of this chapter that is used in the ordinary course of business by its owner or any other entity or property as described in paragraphs (a) and (b) of subdivision twelve of section one hundred two of this chapter that is owned by any entity that uses in the ordinary course of business property and equipment as described in paragraphs (c), (d), (e), (f) and (i) of subdivision twelve of section one hundred two of this chapter, without regard to the classification of such property and equipment for real property tax purposes pursuant to section eighteen hundred two of this chapter, except that any such property and equipment used solely to serve the building to which they are attached shall not be deemed utility property. See N.Y. Real Property Tax Law 489-AAAAAA