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Exemption code(s): Not Applicable Year Originally Enacted: 1925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.
Please send general questions or comments to ORPTS.