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

• Applicant: means any person or corporation obligated to pay real property taxes on the property for which an exemption is sought, or in the case of exempt property, the record owner thereof, provided, however, that such property is not commercial property located in an area designated as excluded pursuant to section four hundred eighty-nine-ccc of this title;
  
  2. See N.Y. Real Property Tax Law 489-AAA
• Board: means the industrial and commercial incentive board;
  
  3. See N.Y. Real Property Tax Law 489-AAA
• Commercial: means any non-residential property used primarily for the buying, selling or otherwise providing of goods or services, provided that the use of such property has not been designated as a restricted commercial use pursuant to section four hundred eighty-nine-ccc of this title;
  
  4. See N.Y. Real Property Tax Law 489-AAA
• Construction: means the building of new industrial or commercial structures on vacant or predominantly vacant land, or the modernization, rehabilitation or expansion or other improvement of an existing commercial structure where such modernization, rehabilitation, expansion or other improvement is not physically or functionally integrated with the existing structure or results in additional usable square footage fifty per centum greater than the square footage of the existing structure;
  
  5. See N.Y. Real Property Tax Law 489-AAA
• 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.
• Dependent: A person dependent for support upon another.
• 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.
• Industrial: means property used primarily for the manufacturing or assembling of goods or the processing of raw materials;
  
  6. See N.Y. Real Property Tax Law 489-AAA
• Oath: A promise to tell the truth.
• Predominantly vacant land: means land, including land under water, on which not more than fifteen percent of the lot area contains enclosed, permanent improvements; in addition, such land may include existing foundations. See N.Y. Real Property Tax Law 489-AAA
• 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.
• Reconstruction: means the modernization, rehabilitation, expansion or other improvement of an existing commercial or industrial structure where the total proposed project cost is in an amount equal to at least twenty percentum of the assessed value of the property at the time an application for a certificate of eligibility pursuant to this title is made, and where such modernization, rehabilitation, expansion or other improvement is physically and functionally integrated with the existing structure and does not create additional usable square footage greater than fifty per centum of the usable square footage of the existing structure except in a case where the existing structure has been substantially destroyed by fire or other casualty;
  
  8. See N.Y. Real Property Tax Law 489-AAA