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Department of Taxation and Finance

Assessor's Manual, Volume 4, Exemption Administration

Exemption Administration Manual - Part 1
New York State Government

Section 4.02 - Bnkg L Section 420-e

New York State Savings and Loan Insurance Fund

Exemption code(s): 12400  Year originally enacted: 1966

Related statutes: None

Summary: Real property that (1) is owned by the NYS Savings and Loan Insurance Fund and (2) is used for facilities that insure the savings accounts of eligible savings and loan associations is wholly exempt from taxation, but liable for special ad valorem levies and special assessments.

  1. Eligibility requirements:
    1. Ownership requirements: Property must be owned by the NYS Savings and Loan Insurance Fund.
    2. Property location requirements: None.
    3. Property use requirements: Land and improvements must be used for facilities that insure the savings accounts of eligible savings and loan associations.
    4. Certification by state or local government: None required.
    5. Required construction start date or other time requirement: None. 
  2. Local option: No.
  3. Limitation on exemption:
     3. Limitation on exemption
        General Municipal Taxes School District Taxes Special Ad Valorem Tax Special Assessments
    1. Amount No limit No limit No exemption allowed No exemption allowed
    2. Duration No limit No limit No exemption allowed No exemption allowed
    3. Taxing Jurisdiction
    a. County or County Special Districts Ex NA Tax Tax
    b. City Ex NA NA Tax
    c. Town or Town Special District Ex NA NA Tax
    d. Village Ex NA Tax Tax
    e. School District NA Ex NA NA
       Ex-Exempt      Tax-Taxable      NA-Not Applicable
  4. Payments in lieu of taxes: None required.
  5. Calculation of exemption:
    1. General municipal and school district taxes: 100% of assessed value.
    2. Special Ad Valorem Levies and special assessments: No exemption allowed.
  6. Coding of exemption on assessment roll:
     Coding of exemption on assessment roll
    Code Description of alternative codes possible
    12400

    Assessment roll section(s): Exempt (ARLM §8).

    Note: this exemption code should not be used to identify property that is exempt under any of the statutes listed under Similar Exemptions below. For coding of such property, see the Exemption Profile for the statute that applies.

  7. Filing requirements (owner or occupant of property): None. 
  8. Reporting requirements (assessor):None.
  9. Similar exemptions:
     Similar exemptions
    Subject Statute
    Public authorities RPTL §412 & Pub Auth L
    State of New York (generally) RPTL §404(1)

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