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Assessor's Manual, Volume 4, ExemptionAdministration

Exemption Administration Manual - Part 2
Urban Renewal

Section 4.07 - Gen Muny L Sections 506, 555, 560

Urban Renewal Property Owned by
Municipality or Municipal Urban
Renewal Agency
Gen Muny L Sections 506, 555, 560
Exemption Code(s): â  â  Municipality 18040
â  Municipal urban renewal agency 18060
Year Originally Enacted: 1962

Related Statutes: None.

SUMMARY: Real property that is owned by a municipality or a municipal urban renewal agency and is used for urban renewal purposes is wholly exempt from taxation but is liable for special ad valorem assessments.

  1. ELIGIBILITY REQUIREMENTS:
    1. Ownership Requirements: Property must be owned by a municipality or a municipal urban renewal agency.
    2. Property Location Requirements: None.
    3. Property Use Requirements: Property must be used for urban renewal purposes - the redevelopment, through clearance, replanning, reconstruction,rehabilitation, and concentrated code enforcement, of substandard and insanitary areas.
    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: Although not required by law, such payments may be made by a municipality or municipal urban renewal agency. If they are made, they must not exceed the lesser of (1) the sum last levied by the taxing jurisdiction prior to acquisition of the property for urban renewal purposes or (2) an amount approved by the State Commissioner of Housing.
  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
    18040 Municipality
    18060 Municipal urban renewal agency

    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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