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Volume 1 - Opinions of Counsel SBEA No. 68

Opinions of Counsel index

Urban renewal agency (taxable status) (property acquired by, after taxable status date and prior to lien date) - Real Property Tax Law, § 302; General Municipal Law, § 555:

While property acquired by the State or Federal government after taxable status date and prior to lien date is immune from taxation, property acquired by a municipal urban renewal agency after taxable status date is not entitled to exemption on the assessment roll prepared as of such date. Of course, the property would be exempt on subsequent assessment rolls.

Our opinion has been requested as to the taxable status of property acquired by a municipal urban renewal agency after taxable status date.

Where the renewal agency acquired property for urban renewal purposes after taxable status date and it was not entitled to a tax exemption on taxable status date, the property is taxable. Lutheran High School Ass’n of N.Y.C., Inc. v. City of New York, 30 App.Div. 2d 553, 288 N.Y.S.2d 855, aff’d. 27 N.Y.2d 939, 267 N.E.2d 101, 318 N.Y.S.2d 314.

The only exception to this rule of which we are aware is property acquired by the State or Federal Government after taxable status date and prior to lien date. The property of these bodies are immune from taxation. This is not true of the property of urban renewal agencies (General Municipal Law § 555).

May 30, 1972

Updated: