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Assessor Manuals, Exemption Administration

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

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)

Exemption code(s)

28240

Year originally enacted:

1968

Related statutes:

None.

Summary:

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.

Eligibility requirements

Ownership requirements:

Property may be owned by any public or private organization or any individual.

  • 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.

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

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
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.

Filing requirements (owner or occupant of property)

None.

Reporting requirements (assessor)

None.

Similar exemptions

See Chart IA and Chart IB

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