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Assessor Manuals, Exemption Administration

Exemption Administration Manual—Part 2: Industrial, Commercial, and Public Service

Section 4.06 - CLS U Con L Ch. 270 (Industrial): Nonprofit corporations (corporations providing industrial facilities and related research on guaranteeing loans to finance small business facilities and activities)

Exemption code(s):

28240

Year originally enacted:

1968

Related statutes:

None.

Summary:

Real property owned by (1) a nonprofit corporation providing industrial facilities and related research or (2) a nonprofit corporation guaranteeing loans to finance small business facilities and activities is wholly exempt from taxation but liable for special ad valorem levies and special assessments.

Eligibility requirements

Ownership requirements:

Corporation providing industrial facilities and related research - All directors must be appointed by Governor, and all rights and property must pass to state upon dissolution of corporation.

Corporation guaranteeing loans - All directors must be appointed by Governor.

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. County or county special districts Ex NA Tax Tax
b. City Ex NA NA 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
28240  

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
Business investment property RPTL §485-b
Industrial and commercial properties in NYC (project certified by Industrial and Commercial Incentive Board) RPTL §489-ddd
Industrial and commercial properties (project certified by NYS Department of Finance) RPTL §489-bbbb
Industrial development agencies, municipal RPTL §412-a & Gen Muny L §874
New York State Urban Development Corporation (industrial project) McK U Con L §6272

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