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Assessor's Manual, Volume 4, ExemptionAdministration

Exemption Administration Manual - Part 2
Multiple Dwellings

Section 4.07 - PHFL Section 260

Urban Renewal Property Owned by
Community Development Corporation
PHFL Section 260

Exemption Code(s): 28220 Year Originally Enacted: 1963

Related Statutes: None. SUMMARY: Real property that is owned by a community development corporation and is used for urban renewal purposes is wholly exempt from taxation but is liable for special ad valorem levies and special assessments.

  1. ELIGIBILITY REQUIREMENTS:
    1. Ownership Requirements: Property must be owned by a community development corporation. Special organizational requirements are as follows:

      Law under which incorporation required: NPCL.

      Restrictions on corporate purposes or activities as stated in certificate of incorporation: (1) Corporation must be organized exclusively to serve a civic, cultural, and/or recreational purpose, (2) all income of the corporation must be used exclusively for its corporate purposes, and (3) none of the corporation's net income may inure to the benefit or profit or any private individual or organization.

    2. Property Location Requirements: None.
    3. Property Use Requirements: Property must be used for urban renewal purposes.
    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
    28220

    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: See Chart IIA and Chart IIB.

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