Assessor Manuals, Exemption Administration: McK U Con L Section 7421
Exemption Administration Manual—Part 1: New York State Government
Section 4.02 - McK U Con L Section 7421: New York State Medical Care Facilities Finance Agency
Exemption code(s):
12450
Year originally enacted:
1973
Related Statutes:
Pub Hel L Articles 28-A, 28-B McK U Con L Title 13-A
Summary:
Real property owned by the New York State Medical Care Facilities Finance Agency or under its control, possession, or supervision that is used for the construction or improvement of hospitals or other health-related facilities or for the provision of funds for such construction/improvement by certain other companies or districts (see Property Use Requirements below) is wholly exempt from taxation but is liable for special ad valorem levies and special assessments.
Eligibility requirements
Ownership requirements:
Property must be owned by the agency or under its control, possession, or supervision.
Property location requirements:
None.
Property use requirements:
Property must be used (1) for the construction or improvement of hospitals or other health-related facilities by the agency or by the Facilities Development Corporation acting as its agent or (2) for facilities that provide funds for the construction or improvement of hospitals or other health-related facilities (a) by nursing home companies created pursuant to Pub Hel L Article 28-A (Nursing Home Companies), (b) by hospitals and nonprofit medical corporations created pursuant to Pub Hel L Article 28-B (Hospital Mortgage Loan Construction), or (c) by municipalities constituting social services districts pursuant to the provisions of McK U Con L Title 13-A (Facilities Development Corporation).
Certification by state or local government:
None.
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
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 |
|---|---|
| 12450 |
Assessment roll section(s):
Exempt (ARLM Section 8).
Note: This code should not be used to identify (1) property that is owned by New York State and exempt under RPTL §404(1), (2) municipally owned property exempt under any of the subsections of RPTL §406, or (3) 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 |
|---|---|
| Facilities Development Corporation | McK U Con L §4413 |
| Health and Hospitals Corporation, NYC | McK U Con L §7400 |
| Housing Finance Agency, NYS | PHFL §53 |
| Public authorities | RPTL §412 & Pub Auth L |
| State of New York (generally) | RPTL §404(1) |
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