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Assessor's Manual, Volume 4, ExemptionAdministration

Exemption Administration Manual - Part 1
New York State Government

Section 4.02 - RPTL Section 402

U.S. Government or State of New York
(Property held under contract of sale)

Exemption Code(s):     Not Applicable Year Originally Enacted:     1925

Related Statutes:     None

SUMMARY:     Real property that is owned by the U.S. Government or the State of New York but is occupied or otherwise used by another person or organization under a contract of sale or other agreement granting the right to acquire the property is subject to taxation to the extent of the user's interest in the property.

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