Assessor Manuals, Exemption Administration: Bnkg L Section 420-e
Exemption Administration Manual—Part 1: New York State Government
Section 4.02 - Bnkg L Section 420-e: New York State Savings and Loan Insurance Fund
Exemption code(s):
12400
Year originally enacted:
1966
Related statutes:
None
Summary:
Real property that (1) is owned by the NYS Savings and Loan Insurance Fund and (2) is used for facilities that insure the savings accounts of eligible savings and loan associations is wholly exempt from taxation, but liable for special ad valorem levies and special assessments.
Eligibility requirements
Ownership requirements:
Property must be owned by the NYS Savings and Loan Insurance Fund.
Property location requirements:
None.
Property use requirements:
Land and improvements must be used for facilities that insure the savings accounts of eligible savings and loan associations.
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 | NA | Tax |
| d. Village | Ex | NA | Tax | 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 |
|---|---|
| 12400 |
Assessment roll section(s)
Exempt (ARLM §8).
Note: this exemption 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 |
|---|---|
| Public authorities | RPTL §412 & Pub Auth L |
| State of New York (generally) | RPTL §404(1) |
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