Exemption Administration Manual, Part 2: Private Community Service and Social Organizations—Section 4.05 - RPTL Section 488 & Ins L Section 4607: Retirement Systems
Assessor Manuals
Section 4.05 - RPTL Section 488 & Ins L Section 4607: Retirement Systems
Exemption code(s):
27400
Year originally enacted:
1909
Related statutes:
Ins L §4607
Summary:
As provided in Ins L §4607, real property owned by a private nonprofit retirement system is wholly exempt from taxation but liable for special ad valorem levies and special assessments.
Eligibility requirements
Ownership requirements:
Property must be owned by a private nonprofit retirement system.
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. Special Districts | Ex | NA | Tax | Tax |
| b. City | Ex | NA | Tax | 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
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
| Code | Description of alternative codes possible |
|---|---|
| 27400 |
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. 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 |
|---|---|
| State and Local Employees' Retirement System, NY | RPTL §404(2) |
| State and Local Police and Fire Retirement System, NY | RSS L §313(h) |
| Teachers' Retirement System, NYS | RPTL §404(3) |
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