Nonprofits have a lot to worry about—and property tax exemption is definitely one of them. To help, Timothy Noonan, Elizabeth Holden and Michael Reyen of Hodgson Russ have compiled [PDF] some tips for filing them in New York state.
Time Lines
When a nonprofit purchases property, the application for exemption from real property taxes must be submitted “promptly after closing,” explain the authors. It’s not automatic, even if the organization is already exempt from federal taxes. Lawyers are also wrong to assume a municipality will be lenient with respect to a late filing, as “the application is statutorily tied to the tax status date.” So don’t be tardy.
Nonexempt Leases
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