N.Y. Real Property Tax Law 486-A – Non-profit corporations operating as health maintenance organizations
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§ 486-a. Non-profit corporations operating as health maintenance organizations. Real property owned by a not-for-profit corporation operating as a health maintenance organization subject to the provisions of Article 44 of the public health law and used exclusively for its corporate purposes shall be exempt from taxation.
Terms Used In N.Y. Real Property Tax Law 486-A
- 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.