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Assessor Manuals, Exemption Administration

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

Section 4.07 - PHFL Section 53: NYS Housing Finance Agency

Exemption code(s)

18120

Year originally enacted:

1961

Related statutes:

None.

Summary:

Real property owned by the New York State Housing Finance Agency is wholly exempt from general municipal and school district taxes, but is liable for special ad valorem levies and special assessments.

Eligibility requirements

Ownership requirements:

Property must be owned by the New York State Housing Finance Agency.

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

Although not required by law, payments in lieu of taxes may be made to appropriate municipalities, but may not exceed the taxes last levied on the property prior to its acquisition by the agency.

Since they are not collected by the tax collector, payments in lieu of taxes should not be entered on the tax roll. Such payments are collected in the same manner as are other payments due the municipality under contract.

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
18120

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

Similar exemptions
Subject Statute
Public authorities RPTL §412 & Pub Auth L
State of New York (generally)  RPTL §404(1)
Also see Chart IA and Chart IB.

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