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Assessor Manuals, Exemption Administration

Exemption Administration Manual—Part 2: Multiple dwellings and urban renewal

Section 4.07 - PHFL Section 260: Urban renewal property owned by community development corporation

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Year originally enacted: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.

Eligibility requirements

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.

Property location requirements:

None

Property use requirements:

Property must be used for urban renewal purposes.

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
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.

Filing requirements (owner or occupant of property)

None.

Reporting requirements (assessor)

None.

Similar exemptions

See Chart IIA and Chart IIB

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Updated: