Assessor Manuals, Exemption Administration: RPTL Section 402
Exemption Administration Manual—Part 1: New York State Government
Section 4.02 - RPTL Section 402: U.S. Government or State of New York (property held under contract of sale)
Year Originally Enacted:
Real property that is owned by the U.S. Government or the State of New York but is occupied or otherwise used by another person or organization under a contract of sale or other agreement granting the right to acquire the property is subject to taxation to the extent of the user's interest in the property.
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