NY S07362

Amends Section 429 of the real property tax law to make the tax exemption for professional sports facilities discretionary rather than mandatory for cities with a population of one million or more.

Requires the local legislative body of a city to adopt a local law to grant a tax exemption for real property used by both an NHL hockey team and NBA basketball team to play home games.

Tax exemption applies only to taxes that are the obligation of team franchise owners by lease or other agreement, and requires a written agreement with the city's chief executive officer for at least ten consecutive years of play.

Exemption terminates immediately if either team ceases to play home games at the property, and the property is restored to tax rolls on a pro rata basis for that taxable year.

Improvements to the property made after the agreement is executed are not exempt from taxes unless they are used for sports, entertainment, exposition, convention, or trade show facilities and services.