N.Y. Real Property Tax Law Section 422
Not-for-profit housing companies

1.

(a) Real property owned by a not-for-profit corporation organized pursuant to the not-for-profit corporation law and the provisions of article two of the private housing finance law, used exclusively to provide housing and auxiliary facilities for faculty members, students, employees, nurses, interns, resident physicians, researchers and other personnel and their immediate families in attendance or employed at colleges, universities, educational institutions, child care institutions, hospitals and medical research institutes, or for handicapped or aged persons of low income, or owned by non-profit nursing home companies organized pursuant to the not-for-profit corporation law and the provisions of article twenty-eight-A of the public health law, used exclusively to provide facilities for nursing care to sick, invalid, infirm, disabled or convalescent persons of low income, or to provide health-related service as defined in article twenty-eight of the public health law to persons of low income, or any combination of the foregoing, and in addition thereto, to provide nursing care and health-related service, or either of them, to persons of low income who are not occupants of the project, or owned by housing development fund companies organized pursuant to the not-for-profit corporation law and article eleven of the private housing finance law, used exclusively to provide housing for handicapped or aged persons of low income, and financed by a federally-aided mortgage as defined in said article eleven, or owned by companies organized pursuant to the not-for-profit corporation law and the provisions of article seventy-five of title E of the mental hygiene law, used exclusively to provide care, treatment, training, education and residential accommodations for operation as hostels for people with mental illness or developmental disabilities, or owned by companies organized pursuant to the membership corporations law and the provisions of article seven-A of the private housing finance law, used exclusively to provide programs, services and other facilities for the aging, shall be exempt from taxation and exempt from special ad valorem levies and special assessments to the extent provided in § 490 (Exemption from special ad valorem levies and special assessments)section four hundred ninety of this chapter, provided, however, that in a city having a population of one million or more real property owned by any such corporation which is to provide housing accommodations, substantially all of which are or are to be assisted by rent subsidies made or to be made available by the Federal government pursuant to a contract under section eight of the United States Housing Act of nineteen hundred thirty-seven, as amended, or pursuant to a project rental assistance contract under section two hundred two of the United States Housing Act of nineteen hundred fifty-nine, as amended, or pursuant to a project rental assistance contract under section eight hundred eleven of the National Affordable Housing Act of nineteen hundred ninety, as amended, shall from and after the commencement of construction be subject to taxation or exempt therefrom to the extent approved by a municipality acting through its local legislative body, as such local legislative body is defined in subdivision twelve of Private Housing Finance Law § 2 (Definitions)section two of the private housing finance law. No such corporation or company shall pay a dividend on any of its stock or pay interest on any of its debentures. Provided further, however, in a county having a population of one million or more and having not more than three towns within such county, real property owned by housing development fund companies organized pursuant to the not-for-profit corporation law and article eleven of the private housing finance law, used exclusively to provide housing for handicapped or aged persons of low income, and financed by a federally-aided mortgage as defined in said article eleven shall from and after the commencement of construction be subject to taxation or exempt therefrom to the extent approved by a municipality acting through its local legislative body, as such local legislative body is defined in subdivision twelve of Private Housing Finance Law § 2 (Definitions)section two of the private housing finance law. Any tax payments and/or payments in lieu of taxes made to a municipality pursuant to the preceding sentence shall not be passed through nor become the liability of any of the occupants of such property.

(b)

If any portion of such real property of such corporation is not used exclusively for housing of those persons set forth in paragraph a of this section but is leased or otherwise used for purposes pursuant to article two of the private housing finance law, such portion, provided it does not exceed ten per centum of the total, shall be subject to such limited exemption as is authorized pursuant to article two of the private housing finance law, and the remaining portion only shall be fully exempt. If any portion of the real property of such corporation in excess of ten per centum of the total is leased or otherwise used for housing pursuant to article two of the private housing finance law, the total property shall be subject to such limited exemption as is authorized pursuant to article two of the private housing finance law. Real property exempt from taxation pursuant to this paragraph shall also be exempt from special ad valorem levies and special assessments to the extent provided in § 490 (Exemption from special ad valorem levies and special assessments)section four hundred ninety of this chapter.

(c)

In real property used in part for handicapped or aged persons of low income priority and preference in the rental of such real property for purposes not specified in paragraph a shall be given to a family of a person legally responsible for the care of a handicapped or an aged person residing in such real property. This preference and priority shall apply to only one such family for each handicapped or aged tenant.

2.

(a) The exemption provided in paragraphs (a) and (b) of subdivision one of this section shall be upon condition that the property owned by such corporation shall upon dissolution vest in such college, university, educational institution, hospital, medical research institute, child care institution, or other not-for-profit corporation, if such college, university, educational institution, hospital, medical research institution, child care institution, or other not-for-profit corporation is exempt from taxation pursuant to the provisions of section four hundred twenty-a or four hundred twenty-b of this article and if no part of the net earnings of such college, university, educational institution, hospital, medical research institute, child care institution, or other not-for-profit corporation shall inure to the benefit of any private individual.

(b)

In the event that such college, university, educational institution, hospital, medical research institute, child care institution, or other not-for-profit corporation is not otherwise exempt from taxation, title to the property shall nevertheless vest therein, but only upon payment to the municipality of a sum equal to the total of all accrued taxes, levies and assessments from which such property has been exempt under the provisions of this section.

Source: Section 422 — Not-for-profit housing companies, https://www.­nysenate.­gov/legislation/laws/RPT/422 (updated Jul. 29, 2022; accessed Oct. 26, 2024).

420‑A
Nonprofit organizations 420‑B
Nonprofit organizations 420‑C
Exemption from local real property taxation of certain low income housing accommodations in a city having a population of one million or ... 421‑A
Affordable New York Housing Program 421‑B
Exemption of certain private dwellings, multiple dwellings and improvements from local taxation 421‑C
Exemption of certain new multiple dwellings from local taxation 421‑D
Exemption of multiple dwellings financed by the New York state housing finance agency from local taxation 421‑E
Exemption of cooperative, condominium, homesteading and rental projects from local taxation 421‑F
Exemption of capital improvements to residential buildings and certain new construction 421‑FF
Exemption of capital improvements to residential buildings in cities with a population between twenty-seven thousand five hundred and twe... 421‑G
Exemption from local taxation of certain multiple dwellings 421‑H
Exemption of capital improvements to multiple dwelling buildings within certain cities 421‑H*2
Exemption of capital improvements to residential buildings 421‑I
Exemption of capital improvements to multiple dwelling buildings within certain cities 421‑I*2
Exemption of capital improvements to multiple dwelling buildings within certain cities 421‑J
Exemption of capital investment in multiple dwelling buildings within certain cities 421‑J*2
Exemption of capital improvements to multiple dwelling buildings within certain cities 421‑K
Exemption of certain multiple dwellings 421‑L
Exemption of capital improvements to residential buildings in certain towns 421‑M
Exemption of certain new or substantially rehabilitated multiple dwellings from local taxation 421‑N
Exemption of capital improvements to multiple dwelling buildings within certain cities 421‑O
Exemption of capital improvements to multiple dwelling buildings within certain cities 421‑O*2
Exemption of capital improvements to multiple dwelling buildings within certain cities 421‑P
Exemption of newly-constructed or converted rental multiple dwellings 421‑P*2
Exemption of capital improvements to residential new construction involving the creation of accessory dwelling units 422
Not-for-profit housing companies 423
Phase out of exemption for redevelopment company projects upon the cessation of the tax exemption granted pursuant to contract 424
Institute of arts and sciences 425
School tax relief (STAR) exemption 425‑A
Abatement of county taxes in special assessing units 426
Opera houses 427
Performing arts buildings 428
Fraternal organizations 429
Real property used for professional major league sports 430
Interdenominational centers 432
Theatrical corporations created by act of congress 434
Academies of music 436
Officers of religious denominations 438
Trustees of a hospital, playground and library 440
Infant homes 442
Soldiers monument corporations 444
Historical societies 444‑A
Historic property 446
Cemeteries 450
Agricultural societies 452
Veterans organizations 454
Indians 455
Exemption option 456
Municipal railroads 457
Exemption for first-time homebuyers of newly constructed homes 458
Veterans 458‑A
Veterans 458‑B
Exemption for Cold War veterans 458‑C
Improvements to property of severely injured members of the armed forces of the United States 459
Persons who are physically disabled 459‑A
Improvements to property made pursuant to the Americans with Disabilities Act of 1990 459‑B
Physically disabled crime victims 459‑C
Persons with disabilities and limited incomes 460
Clergy 462
Religious corporations 464
Incorporated associations of volunteer firefighters 466
Volunteer firefighters and fire companies in villages 466‑A
Volunteer firefighters and volunteer ambulance workers 466‑A*2
Volunteer firefighters and volunteer ambulance workers 466‑B
Volunteer firefighters and volunteer ambulance workers 466‑C
Volunteer firefighters and volunteer ambulance workers 466‑C*2
Volunteer firefighters and volunteer ambulance workers 466‑C*3
Volunteer firefighters and volunteer ambulance workers 466‑C*4
Volunteer firefighters and volunteer ambulance workers 466‑C*5
Volunteer firefighters and volunteer ambulance workers 466‑C*6
Volunteer firefighters and volunteer ambulance workers 466‑C*7
Volunteer firefighters and volunteer ambulance workers 466‑D
Volunteer firefighters and volunteer ambulance workers 466‑D*2
Volunteer firefighters and volunteer ambulance workers 466‑D*3
Volunteer firefighters and volunteer ambulance workers 466‑D*4
Volunteer firefighters and volunteer ambulance workers 466‑E
Volunteer firefighters and volunteer ambulance workers 466‑E*2
Volunteer firefighters and volunteer ambulance workers 466‑E*3
Volunteer firefighters and volunteer ambulance workers 466‑E*4
Volunteer firefighters and volunteer ambulance workers 466‑F
Volunteer firefighters and volunteer ambulance workers 466‑F*2
Volunteer firefighters and volunteer ambulance workers 466‑F*3
Volunteer firefighters and volunteer ambulance workers 466‑F*4
Volunteer firefighters and volunteer ambulance workers 466‑F*5
Un-remarried spouses of volunteer firefighters or volunteer ambulance workers killed in the line of duty 466‑G
Volunteer firefighters and volunteer ambulance workers 466‑G*2
Volunteer firefighters and volunteer ambulance workers 466‑H
Volunteer firefighters and volunteer ambulance workers 466‑H*2
Un-remarried spouses of deceased volunteer firefighters or volunteer ambulance workers 466‑I
Volunteer firefighters and volunteer ambulance workers 466‑J
Volunteer firefighters and volunteer ambulance workers 466‑K
Volunteer firefighters and volunteer ambulance workers 466‑L
Extension of benefits 467
Persons sixty-five years of age or over 467‑A
Partial tax abatement for residential real property held in the cooperative or condominium form of ownership in a city having a populatio... 467‑B
Tax abatement for rent-controlled and rent regulated property occupied by senior citizens or persons with disabilities 467‑C
Exemption for property owned by certain housing companies or sublessees of the battery park city authority and occupied by senior citizen... 467‑D
Assessment exemption for certain living quarters constructed to be occupied by a senior citizen or disabled individual 467‑E
Rebate for owners or tenant-stockholders of one, two or three family residences or residential property held in the condominium or cooper... 467‑F
Protective and safety devices tax abatement 467‑G
Rebate for owners of certain real property seriously damaged by the severe storm that occurred on the twenty-ninth and thirtieth of Octob... 467‑H
Partial abatement for certain rebuilt real property seriously damaged by the severe storm that occurred on the twenty-ninth and thirtieth... 467‑I
Real property tax abatement 467‑J
Exemption for certain residential properties located in certain counties 467‑K
Senior citizen longtime resident exemption 467‑K*2
Exemption for certain residential property required to participate in the federal flood insurance program 467‑L
Rebate for owners of certain real property in the city of New York 467‑M
Exemption from local real property taxation of certain multiple dwellings in a city having a population of one million or more 468
Fire patrol and salvage corps 469
Assessment exemption for living quarters for parent or grandparent 470
Exemption for improvements to real property meeting certification standards for green buildings 472
Pharmaceutical societies 474
Dental societies 476‑A
Railroad passenger stations 477
Tax exemption for industrial waste treatment facilities 477‑A
Tax exemption for air pollution control facilities 478
Tax exemption for off-street parking facilities providing underground shelters 479
Fallout shelter facilities 480
Forest and reforested lands 480‑A
Taxation of forest land 481
Taxation of land used for agricultural production 482
Quarantined lands 483
Exemption from taxation of structures and buildings essential to the operation of agricultural and horticultural lands 483‑A
Farm silos, farm feed grain storage bins, commodity sheds, bulk milk tanks and coolers, and manure storage and handling facilities 483‑B
Historic barns 483‑C
Temporary greenhouses 483‑D
Farm or food processing labor camps or commissaries 483‑E
Anaerobic digestion facilities 484
Urban redevelopment corporations and companies 485
Nuclear powered electric generating facilities 485‑A
Residential-commercial urban exemption program 485‑B
Business investment exemption 485‑C
Exemption from taxation of real property used in manufacture of steel in cities of fifty thousand or more persons 485‑D
Water-works corporations 485‑E
Empire zone exemption 485‑F
Banking development districts 485‑G
Infrastructure exemption 485‑H
Residential investment exemption 485‑I
Residential investment exemption 485‑I*2
Residential investment exemption 485‑J
Residential property improvement exemption 485‑J*2
Residential investment exemption 485‑J*3
Residential investment exemption 485‑J*4
Residential investment exemption 485‑J*5
Residential investment exemption 485‑K
Residential investment exemption 485‑L
Residential property improvement 485‑L*2
Residential investment exemption 485‑M
Residential investment exemption 485‑N
Residential-commercial exemption program 485‑O
New residential property exemption 485‑P
Economic transformation area exemption 485‑Q
Residential investment exemption 485‑R
Residential redevelopment inhibited property exemption 485‑S
Residential reassessment exemption 485‑S*2
Residential reassessment exemption 485‑S*3
Mixed use exemption program for villages 485‑T
Owner occupied residential property exemption program 485‑U
Class one reassessment exemption 485‑V
Residential revaluation exemption 485‑V*2
Residential and mixed-use investment exemption 485‑W
Newly constructed single-family and multi-family residential exemption 485‑X
Affordable neighborhoods for New Yorkers tax incentive 486
Non-profit medical and dental indemnity, or hospital service corporations 486‑A
Non-profit corporations operating as health maintenance organizations 487
Exemption from taxation for certain energy systems 487‑A
Exemption from taxation of conservation improvements to certain residential premises 488
Retirement systems 488‑A
Rehabilitation of certain class B multiple dwellings and class A multiple dwellings used for single room occupancy 489
Exemption from taxation of alterations and improvements to multiple dwellings to eliminate fire and health hazards
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Accessed:
Oct. 26, 2024

Last modified:
Jul. 29, 2022

§ 422’s source at nysenate​.gov

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