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Department of Taxation and Finance

Assessor's Manual, Volume 4, Exemption Administration

Exemption Administration Manual - Part 2
Private Community Service and Social Organizations

Section 4.05 - RPTL Section 424

Institutes of Arts and Sciences (New York City)

Exemption Code(s):  26500 Year Originally Enacted:   Before 1896

Related Statutes:  RPTL §420-a

Summary:  Real property that (1) is owned by a corporation organized exclusively as an institute of arts and sciences, (2) is located in New York City, and (3) includes a building which has been constructed as an academy of music and is maintained and operated by the corporation to further the purposes for which the corporation was formed is wholly exempt from taxation but liable for special assessments.

  1. Eligibility requirements:
    1. Ownership Requirements: Property must be owned by a corporation organized exclusively as an institute of arts and sciences for the general purpose of encouraging the study of and advancing knowledge in the arts and sciences.
    2. Property Location Requirements: Property must be located in New York City.
    3. Property Use Requirements: Property must include a building constructed as an academy of music which is maintained and operated by the owner as such and is used to otherwise further the corporate purposes of the owner. A portion of the property may be leased, or otherwise used, for public performances of opera or concerts, lectures, graduation exercises, or other noncommercial purposes provided that the income derived from such uses is necessary for and is actually applied to the maintenance and support of the academy of music.
    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 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

    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
    Academies of music RPTL §434
    Nonprofit organizations (mandatory class) RPTL §420-a
    Nonprofit organizations (permissive class) RPTL §420-b
    Opera houses RPTL §426
    Performing arts buildings RPTL §427
    Theatrical corporations RPTL §432

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