New York Laws
Title 12 - New York State Environmental Facilities Corporation
1296 - Exemption From Taxation; Payments in Lieu of Taxes.

(a) determine the full value of such property as of the applicable
taxable status date for the assessment role for which in lieu payments
are being computed;
(b) determine the full value of such property as of such taxable
status date attributable to improvements constructed or reconstructed by
the corporation;
(c) deduct item (b) from item (a);
(d) multiply the full value determined in item (c) by the ratio of
assessed value to full value of other property on the same assessment
roll;
(e) the result determined in item (d) shall be the approved assessed
valuation for such property. The determinations of the full value and
the ratio of assessed value to full value shall be determined by the
commissioner.
4. Application for an approved assessed valuation shall be made by the
assessor of the assessing unit within which such property is located.
Application shall be made as soon as practicable after acquisition of
such property by the corporation. The application shall be made on a
form approved by the commissioner of taxation and finance and shall
contain such information as such commissioner shall require.
5. Upon approval of such application by the commissioner the
commissioner shall certify such approved assessed valuation to the
assessing unit and to the corporation. The approved assessed valuation
shall be entered by the assessor or other local official on the
assessment roll with the notation that such property is exempt from
taxation, special ad valorem levies and special assessments but
qualifies for payments in lieu of taxes, special ad valorem levies and
special assessments pursuant to this section. The approved assessed
valuation shall be treated for all purposes as taxable assessed
valuation and taxable full valuation on the assessment roll for which it
is made. Amounts shall be extended against such approved assessed
valuation in the same manner and at the same time as taxes, special ad
valorem levies or special assessments are extended against taxable
property. The appropriate collecting officer shall transmit a statement
of the amounts computed as payable as in lieu of taxes, special ad
valorem levies and special assessments to the corporation. The
provisions of any general or special law relating to the collection and

enforcement of taxes shall not be applicable to property subject to the
provisions of this section.
6. The terms "taxation," "special ad valorem levies," "special
assessments" and "assessing unit" shall have the same meanings as set
forth in section one hundred two of the real property tax law.
7. Notwithstanding any provision to the contrary in this section, in
view of the costs of governmental services being provided by public
corporations, as defined in the general corporation law, the corporation
may pay or may enter into agreements with any public corporation to pay,
a sum or sums, annually or otherwise, or to provide other considerations
to such public corporation with respect to real property owned by the
corporation within the boundaries of such public corporation and used
for any project or projects.
8. The corporation shall be required to pay no fees or taxes, whether
state or local, including but not limited to fees or taxes on real
estate, franchise taxes, sales taxes or other excise taxes, upon any of
its property, real or personal, or upon the use thereof, or upon its
activities in the operation and maintenance of its facilities or on any
rentals, rates, charges or other fees, revenues or other income received
by the corporation and that the bonds and notes of the corporation and
the income therefrom shall at all times be exempt from taxation, except
for gift and estate taxes and taxes on transfers. Nothing contained in
this subdivision shall affect the obligation imposed by this section on
the corporation to make in lieu payments.
9. This section shall constitute a covenant and agreement with the
holders of all bonds and notes issued by the corporation.