Section 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  state  board  of  real  property  services  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.