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Assessor's Manual, Volume 4, ExemptionAdministration

Exemption Administration Manual - Part 2
Multiple Dwellings

Section 4.07 - PHFL Section 663

New York City Housing Development Corporation PHFL Section 663

Exemption Code(s): 18300 Year Originally Enacted: 1971

Related Statutes:None.

SUMMARY: Real property owned by the New York City Housing Development Corporation is wholly exempt from taxation but is liable for special assessments.

  1. ELIGIBILITY REQUIREMENTS:
    1. Ownership Requirements: Property must be owned by the New York City Housing Development Corporation.
    2. Property Location Requirements: Property must be located in New York City.
    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
    NA No
    exemption
    allowed
    2. Duration No
    limit
    No
    limit
    NA No
    exemption
    allowed
    3. Taxing Jurisdiction
    a. City
    Ex NA NA Tax
    b. 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
    18300

    Assessment Roll Section(s): â Exempt.

    NOTE: This code should not be used to identify property that is owned by a NYC Housing Development Corporation subsidiary and is exempt under PHFL §654-a or 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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