Redacted Letter Rulings - Property Tax

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Redacted letter rulings - property tax

Written by the Department of Finance's Legal Affairs Division, letter rulings are written statements that set forth the applicability of the statutes and rules to a specific set of facts, and are provided in redacted form to protect taxpayer-specific information.

A proposed building that would consist of approximately 150 "apartment hotel" units and community facility space could possibly be eligible for ICAP benefits. However, ICAP benefits eligibility would depend on, among other factors, the structure of the building, the terms and dates upon which the apartment hotel component of the building would be available for rental, and the population to whom such portion would be available for rental. #22-5026 5/15/24
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Real property owned by a nonprofit corporation that provides temporary emergency housing and housing support for single adults who are referred by the New York City Department of Homeless Services (“DHS”) qualifies as property under the Condominium Act and may be formed as a leasehold condominium. #22-5024. 11/4/22
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Real property owned by a foreign government in the form of a leasehold condominium unit where the declaration requires the unit owner to pay all attributable taxes may be granted an exemption pursuant to RPTL 418 when used for an exempt purpose. The foreign government may create a separate leasehold condominium unit from a fee condominium unit. #20-5004. 3/3/20
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Real property owned by a subsidiary of a not-for-profit corporation in the form of a leasehold condominium unit that is leased back to the not-for-profit corporation and where the rent paid to the subsidiary will not exceed the subsidiary's carrying, maintenance and depreciation charges will be eligible for a real property tax exemption under RPTL section 420-a. #19-4999. 10/15/19
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Real property owned by a not-for-profit organization as a leasehold condominium and used for an exempt purpose may be formed on a condominium unit and will be eligible for a real property tax exemption under RPTL section 420-a. #18-4987. 7/17/18
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An undeveloped air rights parcel may be a tax lot for administrative purposes, but will have no separate assessable value under the Real Property Tax Law. #13-4948. 12/29/2014
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Real property conveyed from a not-for-profit to a single-member limited liability company which is then leased to another not-for-profit and used for educational purposes may retain its real property tax exemption under RPTL section 420-a. #09-4890. 6/1/2009
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Real property conveyed from a not-for-profit to a single-member limited liability company that continues to be leased to an affiliated not-for-profit and used for charitable, educational and /or mental or moral improvement purposes may retain its real property tax exemption under RPTL section 420-a. #08-4882. 4/17/2009
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Real property owned by a not-for-profit organization in the form of a leasehold condominium where the unit owner pays all taxes attributable to its unit is eligible for a real property tax exemption under RPTL section 420-a. #08-4886. 2/13/2009
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Real property conveyed from a not-for-profit hospital to a single member limited liability company with the not-for-profit hospital as its sole member may retain its real property tax exemption under RPTL Section 420-a if the organization and conduct of the LLC and the use of the property meet qualifying criteria. #08-4874. 4/29/2008
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Real property conveyed from a not-for-profit to a single-member limited liability company in which the not-for-profit is the sole member may retain its real property tax exemption under RPTL section 420-a and will also be exempt from the RPTT. #07-4873. 11/21/2007
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A taxpayer did not qualify for LMREAP benefits as an eligible business because it was not conducting substantial business operations outside New York City for the 24 consecutive months immediately preceding the taxable year in which it would be deemed to have relocated to "eligible premises." #05-4842. 2/14/2006
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Real property conveyed from a not-for-profit organization to a single member limited liability company with the not-for-profit organization as its sole member may retain its real property tax exemption under RPTL Section 420-a if the organization and conduct of the LLC and the use of the property meet qualifying criteria. #02-4794. 6/12/2002
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Redacted Letter Rulings