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
Year originally enacted:
Ins L §4607
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.
Property must be owned by a private nonprofit retirement system.
Property location requirements:
Property use requirements:
Certification by state or local government:
Required construction start date or other time requirement:
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|
|a. Special districts||Ex||NA||Tax||Tax|
|c. Town or town special district||Ex||NA||Tax||Tax|
|e. School District||NA||Ex||NA||NA|
|Ex-Exempt Tax-Taxable NA-Not Applicable|
Payments in lieu of taxes
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
|Code||Description of alternative codes possible|
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)
Reporting requirements (assessor)
|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)|
Please send general questions or comments to ORPTS.