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Assessor's Manual, Volume 4, 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Exemption Code(s):  27400    Year Originally Enacted: 1909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.

  1. ELIGIBILITY REQUIREMENTS:
    1. Ownership Requirements: Property must be owned by a private nonprofit retirement system.
       
    2. Property Location Requirements: None.
       
    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
    No
    exemption
    allowed
    No
    exemption
    allowed
    2. Duration No
    limit
    No
    limit
    No
    exemption
    allowed
    No
    exemption
    allowed
    3. Taxing Jurisdiction
    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

     
  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
    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.

  7. FILING REQUIREMENTS (Owner or Occupant of Property): None.
     
  8. REPORTING REQUIREMENTS (Assessor): None.
     
  9. 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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