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Assessor's Manual, Volume 4, ExemptionAdministration

Exemption Administration Manual - Part 2
Multiple Dwellings

Section 4.07 - CLS U Con Ch. 270 (Housing)

Nonprofit Corporations (Corporations providing
housing facilities and related research or
guaranteeing loans to finance such facilities)
CLS U Con Ch. 270 (Housing)

Exemption Code(s): â  â  28240 Year Originally Enacted:â  â  1968

Related Statutes: â  â  None. SUMMARY:â  â  Real property owned by (1) a nonprofit corporation providing housing facilities and related research or (2) a nonprofit corporation guaranteeing loans to finance housing facilities is wholly exempt from taxation but liable for special ad valorem levies and special assessments.

  1. ELIGIBILITY REQUIREMENTS:
    1. Ownership Requirements:

      Corporation providing housing 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-Exemptâ â â â â â Tax-Taxableâ â â â â â 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.

  7. FILING REQUIREMENTS (Owner or Occupant of Property): None.
  8. REPORTING REQUIREMENTS (Assessor): None.
  9. SIMILAR EXEMPTIONS: See Chart IA and Chart IB.

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