§ 1296 — Exemption from taxation; payments in lieu of taxes

New York § 1296

• Jurisdiction: New York
• Law PBA: Public Authorities
• Title 12: New York State Environmental Facilities Corporation
• Art. 5: Public Utility Authorities

Text

§ 1296. Exemption from taxation; payments in lieu of taxes. It is\nhereby found, determined and declared that the creation of the\ncorporation and the carrying out of its purposes is in all respects for\nthe benefit of the people of the state of New York and for the\nimprovement of their health, welfare and prosperity and is a public\npurpose, and that the corporation will be performing an essential\ngovernmental function in the exercise of the powers conferred upon it by\nthis title. 1. Real property owned by the corporation shall be exempt\nfrom taxation, special ad valorem levies and special assessments.\n 2. Real property owned by the corporation (1) used for or in\nconnection with any project or projects, (2) which is located outside\nthe boundaries of the contracting municipality or municipalities, and\n(3) which was subject to taxation, special ad valorem levies, or special\nassessments on the latest assessment roll finally completed, verified\nand filed preceding the date of acquisition thereof by the corporation\nshall be subject to payments in lieu of taxes, special ad valorem levies\nand special assessments by the corporation in accordance with the\nprovisions of this section.\n 3. The in lieu payments shall be computed and determined annually by\nthe commissioner of taxation and finance as follows:\n (a) determine the full value of such property as of the applicable\ntaxable status date for the assessment role for which in lieu payments\nare being computed;\n (b) determine the full value of such property as of such taxable\nstatus date attributable to improvements constructed or reconstructed by\nthe corporation;\n (c) deduct item (b) from item (a);\n (d) multiply the full value determined in item (c) by the ratio of\nassessed value to full value of other property on the same assessment\nroll;\n (e) the result determined in item (d) shall be the approved assessed\nvaluation for such property. The determinations of the full value and\nthe ratio of assessed value to full value shall be determined by the\ncommissioner.\n 4. Application for an approved assessed valuation shall be made by the\nassessor of the assessing unit within which such property is located.\nApplication shall be made as soon as practicable after acquisition of\nsuch property by the corporation. The application shall be made on a\nform approved by the commissioner of taxation and finance and shall\ncontain such information as such commissioner shall require.\n 5. Upon approval of such application by the commissioner the\ncommissioner shall certify such approved assessed valuation to the\nassessing unit and to the corporation. The approved assessed valuation\nshall be entered by the assessor or other local official on the\nassessment roll with the notation that such property is exempt from\ntaxation, special ad valorem levies and special assessments but\nqualifies for payments in lieu of taxes, special ad valorem levies and\nspecial assessments pursuant to this section. The approved assessed\nvaluation shall be treated for all purposes as taxable assessed\nvaluation and taxable full valuation on the assessment roll for which it\nis made. Amounts shall be extended against such approved assessed\nvaluation in the same manner and at the same time as taxes, special ad\nvalorem levies or special assessments are extended against taxable\nproperty. The appropriate collecting officer shall transmit a statement\nof the amounts computed as payable as in lieu of taxes, special ad\nvalorem levies and special assessments to the corporation. The\nprovisions of any general or special law relating to the collection and\nenforcement of taxes shall not be applicable to property subject to the\nprovisions of this section.\n 6. The terms "taxation," "special ad valorem levies," "special\nassessments" and "assessing unit" shall have the same meanings as set\nforth in section one hundred two of the real property tax law.\n 7. Notwithstanding any provision to the contrary in this section, in\nview of the costs of governmental services being provided by public\ncorporations, as defined in the general corporation law, the corporation\nmay pay or may enter into agreements with any public corporation to pay,\na sum or sums, annually or otherwise, or to provide other considerations\nto such public corporation with respect to real property owned by the\ncorporation within the boundaries of such public corporation and used\nfor any project or projects.\n 8. The corporation shall be required to pay no fees or taxes, whether\nstate or local, including but not limited to fees or taxes on real\nestate, franchise taxes, sales taxes or other excise taxes, upon any of\nits property, real or personal, or upon the use thereof, or upon its\nactivities in the operation and maintenance of its facilities or on any\nrentals, rates, charges or other fees, revenues or other income received\nby the corporation and that the bonds and notes of the corporation and\nthe income therefrom shall at all times be exempt from taxation, except\nfor gift and estate taxes and taxes on transfers. Nothing contained in\nthis subdivision shall affect the obligation imposed by this section on\nthe corporation to make in lieu payments.\n 9. This section shall constitute a covenant and agreement with the\nholders of all bonds and notes issued by the corporation.\n