§ 1106-h. Real property tax exemption. 1. The local legislative body
of any city, town or village is hereby authorized and empowered to adopt
and amend a local law to provide that all or any portion of the value of
the property included in a turnkey/enhanced rental project which
represents an increase over the assessed valuation of the real property,
both land and improvements, prior to the improvements of the property
necessary or intended to effectuate the purposes of this article, may be
exempt from any and all city, village and town real property taxes, as
defined in subdivision twenty of section one hundred two of the real
property tax law, real property special ad valorem levies, as defined in
subdivision fourteen of section one hundred two of the real property tax
law, and special assessments, as defined in subdivision fifteen of
section one hundred two of the real property tax law, except that the
assessed valuation may be increased or decreased to reflect a change in
the level of assessment as certified pursuant to title two of article
twelve of the real property tax law.

2. In any assessing unit in which there has been a change in level of
assessment as provided in title two of article twelve of the real
property tax law, the commissioner of taxation and finance shall certify
the change in level of assessment factor in the manner provided in title
two of article twelve of the real property tax law. The term "assessing
unit" as used in this subdivision means a city, town, village or county
having a county department of assessment with the power to assess real
property.

3. Such local law may also provide for the abatement of any or all of
the property taxes which are payable to such city, town or village from
such project, for such duration as is provided in such local law, if any
property taxes remain to be paid after the exemption or abatement
provided in this section is determined.

4. Provided that the tax exemption or abatement authorized by this
section shall be in addition to any other tax exemption or abatement
authorized by law, and provided further, however, that in the event a
project ceases to be subject to one or more provisions of this article
any tax exemption or abatement authorized pursuant to this section with
respect to the eligible property of such project shall terminate.