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Assessor's Manual, Volume 4, ExemptionAdministration

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28240 Year Originally Enacted: 1968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.

  1. ELIGIBILITY REQUIREMENTS:
    1. 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.
       
    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
    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

     
  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
    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.

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