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)
Assessor Manuals
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Year originally enacted: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
| 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
| 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
| 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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