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Assessor's Manual, Volume 4, ExemptionAdministration

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Exemption Code(s): 13940 Year Originally Enacted: 1976, reenacted 1991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:
      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 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:
    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:
    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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