N.Y. Public Authorities Law 1299-R – Agreements relating to payments in lieu of taxes
§ 1299-r. Agreements relating to payments in lieu of taxes. To the end that municipal corporations, counties, cities, towns, villages and school districts may not suffer undue loss of taxes or assessments:
Terms Used In N.Y. Public Authorities Law 1299-R
- 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.
If the authority owns or acquires property and all or any portion of such property is subsequently developed, improved or used for non-transportation purposes, it shall during such period of disuse for transportation purposes be subject to assessment, at the prevailing method of determining assessments based upon the current assessed value of all or the relevant portion of such property by the appropriate assessing unit and the authority shall, based on such assessment, annually, in lieu of taxes, pay such amount to the municipal corporation and/or school district.
The authority may, in its discretion, enter into agreements to pay annual sums in lieu of taxes in respect of any real property which is owned by the authority and exempt from taxation pursuant to section twelve hundred ninety-nine-o of this article to the participating municipal corporation or school district in which the property is located, provided however, that the amount so paid for any year upon such property shall not exceed the sum last paid as taxes on such property to such municipal corporation or school district prior to the time of its acquisition by the agency.
Vacant properties, properties acquired by the authority for non-transportation purposes but intended to be used for future transportation purposes and properties acquired by the authority for transportation purposes and used as such, shall not be subject to the payment of any taxes or any payments in lieu thereof except that the authority shall pay such property special benefit assessments on the property if it is located in an existing special benefit district.