N.Y. Real Property Tax Law 485-C – Exemption from taxation of real property used in manufacture of steel in cities of fifty thousand or more persons
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§ 485-c. Exemption from taxation of real property used in manufacture of steel in cities of fifty thousand or more persons. Notwithstanding the provisions of any law to the contrary, blast furnaces, open hearth furnaces, soaking pits and coke ovens which are used in the manufacture of steel, and all tanks, towers and stills which are used in processing gases and liquids produced by such coke ovens owned by a corporation taxable under Article 9-A of the tax law and located within a city with a population of fifty thousand or more shall be exempt from taxation.
Terms Used In N.Y. Real Property Tax Law 485-C
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.