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Assessor Manuals, Exemption Administration

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

Section 4.07 - PHFL Section 663: New York City Housing Development Corporation

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Year originally enacted: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.

Eligibility requirements

Ownership requirements:

Property must be owned by the New York City Housing Development Corporation.

Property location requirements:

Property must be located in New York City.

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 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-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
18300

Assessment roll section(s):

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.

Filing requirements (owner or occupant of property)

None.

Reporting requirements (assessor)

None.

Similar exemptions

See: Chart IA and Chart IB.

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