N.Y.
Public Authorities Law Section 2676-S
Agreements relating to payment in lieu of taxes
1.
In order to assure that municipalities shall not suffer undue loss of taxes or assessments in the event that the authority acquires any facility from the county, any person paying real property taxes or assessments as of the date of the transfer of title from the county to the authority on any property located within any such facility shall make payments in lieu of taxes in an amount equal to the sums which would ordinarily be imposed as taxes by any municipality in which such property is located, pursuant to the prevailing method of determining taxes and assessments.2.
Subject to any agreement with bond holders, the authority may, with the approval of the county, but shall not be required to, enter into agreements with any municipality of the state to pay annual sums in lieu of taxes to any such municipality in respect of any real property which is owned by the authority is located in such municipality and is used for public purposes. For the purposes of this section, such public purposes shall include without limitation athletic facilities, educational facilities, performing arts facilities, or residential facilities.3.
(a) In the event that any real property owned by the authority is used by the authority or a lessee thereof for purposes other than public purposes, the authority, or lessee thereof, as the case may be, may, with the approval of the county, enter into agreements with any municipality of the state to pay annual sums in lieu of taxes in respect of such real property located in such municipality. For the purposes of this section, such purposes other than public purposes shall include without limitation, athletic facilities, educational facilities, performing arts facilities, residential facilities, or office buildings to the extent not used by the authority or any other public corporation for its own corporate purposes, and such other buildings and improvements as determined by the authority to be not exclusively for public purposes.(b)
The authority shall determine (i) the amount of such annual payments in lieu of taxes;(ii)
whether the use of such property is for purposes other than public purposes; and(iii)
the extent to which such property is used for purposes other than public purposes. In making such determinations the authority shall take into consideration the recommendations, if any, of the county.
Source:
Section 2676-S — Agreements relating to payment in lieu of taxes, https://www.nysenate.gov/legislation/laws/PBA/2676-S (updated Jul. 5, 2024; accessed Oct. 26, 2024).
