N.Y. Public Health Law § 2864: Tax exemptions of limited-profit nursing home companies

§ 2864. Tax exemptions of limited-profit nursing home companies. The

real property in a project of a limited-profit nursing home company

shall be exempt from all local and municipal taxes, other than

assessments for local improvements, to the extent of the value of the

property included in any such project as represents an increase over the

assessed valuation of the real property, both land and improvements,

acquired for the project on the date of its acquisition by the

limited-profit nursing home company. The tax exemption shall operate and

continue so long as the mortgage loan by the New York state housing

finance agency or the New York state medical care facilities finance

agency, as the case may be, to the limited-profit nursing home company

is outstanding but in no event for a period of more than thirty years,

commencing in each instance from the date when the limited-profit

nursing home company first acquired such property. If a project

qualifying for a tax exemption pursuant to this section is sold, with

the approval of the commissioner, to another limited-profit nursing home

company, such successor company shall be entitled to all the benefits

granted by this section. In the event that such sale is to a non-profit

nursing home company, such successor company shall be entitled to all

the benefits provided by section four hundred twenty-two of the real

property tax law. Local and municipal taxes, for the purposes of this

section, shall mean taxes levied by a county, city, village, town,

school and special district but shall not include assessments for local

improvements.