Assessor's Manual, Volume 4, ExemptionAdministration
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Exemption Code(s): Not Applicable Year Originally Enacted: 1925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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