New Exemption definition

New Exemption means the exemption from real property taxation provided hereunder with respect to the Exemption Area.
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New Exemption means the exemption from real property taxation provided hereunder.
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New Exemption means the exemption from real property taxation, commencing on the Effective Date, provided hereunder with respect to the Exemption Area.
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Examples of New Exemption in a sentence

  • The New Exemption shall apply to all land in the Exemption Area, but shall only apply to a building on the Exemption Area that exists on the Effective Date.

  • If the noncompliance specified in such notice is not cured within the time period specified therein, the New Exemption shall prospectively terminate.

  • In consideration of the New Exemption, the owner of the Exemption Area shall (a) execute and record the Regulatory Agreement, and (b) for so long as the New Exemption shall remain in effect, waive the benefits of any additional or concurrent exemption from or abatement of real property taxation which may be authorized under any existing or future local, state or federal law, rule or regulation.RAFAEL SALAMANCA, Jr., Chairperson; PETER A.


More Definitions of New Exemption

New Exemption has the meaning attributed to it in Clause 12.3(i) (Tax Gross-Up);
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New Exemption means the exemption from real property taxation
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New Exemption means the program of exemption from and abatement of real property taxation authorized pursuant to Section 577 of Article XI of the Private Housing Finance Law.
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Related to New Exemption

  • Prior Exemption means any exemption from real property taxation for the Exemption Area pursuant to the Private Housing Finance Law or the General Municipal Law that was in effect prior to the Effective Date.

  • Exemption means the exemption from real property taxation provided hereunder.

  • Exemption Area means the real property located in the Borough of Bronx, City and State of New York, identified as Block 5750, Lot 500 on the Tax Map of the City of New York.