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Department of Taxation and Finance

Assessor's Manual, Volume 4, Exemption Administration

Exemption Administration Manual - Part 1
Municipal Governments

Section 4.03 - Art-Cult L Section 21

New York City Cultural Resources Trust

Exemption code(s): 13940  Year originally enacted: 1976, reenacted 1991

Related statutes: Art-Cult L §20

SUMMARY: Real property owned by the NYC Cultural Resources Trust is wholly exempt from taxation but liable for special assessments.

  1. Eligibility requirements:
    1. Ownership requirements: Property must be owned by the NYC Cultural Resources Trust.
    2. Property location requirements: Property must be located in New York City.
    3. Property use requirements: None.
    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:
     Limitation on exemption
      General Municipal Taxes School District Taxes Special Ad Valorem Tax Special Assessments
    1. Amount No limit No limit NA No exemption allowed
    2. Duration No limit No limit NA No exemption allowed
    3. Taxing Jurisdiction
    a. City Ex NA NA Tax
    b. School District NA Ex NA NA
    Ex-Exempt      Tax-Taxable      NA-Not Applicable
  4. Payments in lieu of taxes: None required.
  5. Calculation on 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
    13940  

    Assessment roll section(s): Exempt.

    Note: This 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
    Municipal corporations RPTL §406(1)
    Nonprofit organizations (mandatory class) RPTL §420-a
    Nonprofit organizations (permissive class) RPTL §420-b
    NYS Cultural Resources Trust Art-Cult L §20

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