N.Y. Real Property Tax Law 489-FFFFF – Conversion of property
§ 489-fffff. Conversion of property. 1. Any recipient whose property is the subject of a certificate of eligibility pursuant to this title, and who converts square footage within such property from the residential and commercial uses authorized pursuant to this title where such conversion results in twenty-five per centum or less of the aggregate floor area of such property being used or held out for use as commercial, community facility or accessory use space, shall cease to be eligible for further exemption as of the last date to which such recipient proves by clear and convincing evidence that more than twenty-five per centum of the aggregate floor area of such property was used or held out for use as commercial, community facility or accessory use space, and shall pay, with interest, any taxes for which an exemption was claimed after such date, including the pro rata share of tax for which any exemption was claimed during the tax year in which twenty-five per centum or less of the aggregate floor area of such property was used or held out for use as commercial, community facility or accessory use space.
Terms Used In N.Y. Real Property Tax Law 489-FFFFF
- Aggregate floor area: means the sum of the gross areas of the several floors of a building or structure, measured from the exterior faces of exterior walls or from the center lines of walls separating two buildings or structures. See N.Y. Real Property Tax Law 489-AAAAA
- Benefit period: means the period of time when a recipient is eligible to receive benefits pursuant to this title. See N.Y. Real Property Tax Law 489-AAAAA
- Certificate of eligibility: means the document issued by the department of finance pursuant to section four hundred eighty-nine-ddddd of this title. See N.Y. Real Property Tax Law 489-AAAAA
- 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.
- Recipient: means an applicant to whom a certificate of eligibility has been issued pursuant to this title, or the successor in interest of such applicant, provided that where a person who has entered into a lease or purchase agreement with the owner or lessee of exempt property has been a co-applicant, such person or the successor in interest of such person shall be the recipient. See N.Y. Real Property Tax Law 489-AAAAA
- Restricted activity: means any entertainment activity which the department of finance has identified in rules 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-AAAAA
2. Any recipient whose property is the subject of a certificate of eligibility pursuant to this title, and who uses such property, or any portion of such property, for any restricted activity prior to the expiration of the benefit period, shall cease to be eligible for further exemption as of the last date to which such recipient proves by clear and convincing evidence that such property, or any portion of such property, was not used for any restricted activity. Such recipient shall pay, with interest, any taxes for which an exemption was claimed after such date, including the pro rata share of tax for which any exemption was claimed during the tax year in which such use occurred.