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Assessor Manuals, Exemption Administration

Exemption Administration Manual—Part 2: Private Community Service and Social Organizations

Section 4.05 - RPTL Section 488 & Ins L Section 4607: Retirement Systems

Exemption code(s):

27400

Year originally enacted:

1909

Related statutes:

Ins L §4607

Summary:

As provided in Ins L §4607, real property owned by a private nonprofit retirement system is wholly exempt from taxation but liable for special ad valorem levies and special assessments.

Eligibility requirements

Ownership requirements:

Property must be owned by a private nonprofit retirement system.

Property location requirements:

None.

Property use requirements:

None.

Certification by state or local government:

None required.

Required construction start date or other time requirement:

None.

Local option

No.

Limitation on exemption

Limitation on exemption by amount, duration, and taxing jurisdiction
  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. Special districts Ex NA Tax Tax
b. City Ex NA Tax Tax
c. Town or town special district Ex NA Tax Tax
d. Village Ex NA NA Tax
e. School District NA Ex NA NA
Ex-Exempt   Tax-Taxable  NA-Not Applicable

Payments in lieu of taxes

None required.

Calculation of exemption

General municipal and school district taxes:

100% of assessed value.

Special ad valorem levies and special assessments:

No exemption allowed.

Coding of exemption on assessment roll

Coding of exemption on assessment roll
Code Description of alternative codes possible
27400   

Assessment roll section(s):

Exempt (ARLM Section 8).

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.

Filing requirements (owner or occupant of property)

None.

Reporting requirements (assessor)

None

Similar exemptions

Similar exemptions
Subject Statute
State and Local Employees' Retirement System, NY RPTL §404(2)
State and Local Police and Fire Retirement System, NY RSS L §313(h)
Teachers' Retirement System, NYS RPTL §404(3)

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