Exemption Administration Manual, Part 2: Multiple dwellings and urban renewal—Section 4.07 - PHFL Section 53: NYS Housing Finance Agency
Assessor Manuals
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Year originally enacted: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
| 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
| 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
| 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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