Exemption Administration Manual, Part 2: Multiple dwellings and urban renewal—Section 4.07 - PHFL Section 260: Urban renewal property owned by community development corporation
Assessor Manuals
Section 4.07 - PHFL Section 260: Urban renewal property owned by community development corporation
Exemption code(s)
28220
Year originally enacted:
1963
Related statutes:
None.
Summary:
Real property that is owned by a community development corporation and is used for urban renewal purposes 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 a community development corporation. Special organizational requirements are as follows:
- Law under which incorporation required: NPCL.
- Restrictions on corporate purposes or activities as stated in certificate of incorporation:
- Corporation must be organized exclusively to serve a civic, cultural, and/or recreational purpose,
- all income of the corporation must be used exclusively for its corporate purposes, and (3) none of the corporation's net income may inure to the benefit or profit or any private individual or organization.
Property location requirements:
None
Property use requirements:
Property must be used for urban renewal purposes.
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
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 |
|---|---|
| 28220 |
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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