Exemption Administration Manual, Part 1: Municipal Governments—Section 4.03 - Art-Cult L Section 21: New York City Cultural Resources Trust
Assessor Manuals
Section 4.03 - Art-Cult L Section 21: New York City Cultural Resources Trust
Exemption code(s):
13940
Year originally enacted:
1976, reenacted 1991
Related statutes:
Art-Cult L §20
Summary:
Real property owned by the NYC Cultural Resources Trust is wholly exempt from taxation but liable for special assessments.
Eligibility requirements
Ownership requirements:
Property must be owned by the NYC Cultural Resources Trust.
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
| 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 on 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 |
|---|---|
| 13940 |
Assessment roll section(s):
Exempt.
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.
Filing requirements (owner or occupant of property):
None.
Reporting requirements (assessor):
None.
Similar exemptions:
| Subject | Statute |
|---|---|
| Municipal corporations | RPTL §406(1) |
| Nonprofit organizations (mandatory class) | RPTL §420-a |
| Nonprofit organizations (permissive class) | RPTL §420-b |
| NYS Cultural Resources Trust | Art-Cult L §20 |
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Updated: