Exemption Administration Manual, Part 2: Multiple dwellings and urban renewal—Section 4.07 - Gen Muny L Sections 506, 555, 560: Urban renewal property owned by municipality or municipal urban renewal agency
Assessor Manuals
Section 4.07 - Gen Muny L Sections 506, 555, 560: Urban renewal property owned by municipality or municipal urban renewal agency
Exemption code(s)
Municipality: 18040
Municipal urban renewal agency: 18060
Year originally enacted:
1962
Related statutes:
None.
Summary:
Real property that is owned by a municipality or a municipal urban renewal agency and is used for urban renewal purposes is wholly exempt from taxation but is liable for special ad valorem assessments.
Eligibility requirements
Ownership requirements:
Property must be owned by a municipality or a municipal urban renewal agency.
Property location requirements:
None.
Property use requirements:
Property must be used for urban renewal purposes - the redevelopment, through clearance, replanning, reconstruction, rehabilitation, and concentrated code enforcement, of substandard and insanitary areas.
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, such payments may be made by a municipality or municipal urban renewal agency. If they are made, they must not exceed the lesser of:
- the sum last levied by the taxing jurisdiction prior to acquisition of the property for urban renewal purposes, or
- an amount approved by the State Commissioner of Housing.
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 |
|---|---|
| 18040 | Municipality |
| 18060 | Municipal urban renewal agency |
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
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