Get the free Not-for-Profit Property Tax Exemption - NYC.gov

NEW YORK STATESCHEDULE CFRiCONSOLIDATED FISCAL REPORT For the Period: July 1, 2019, to June 30, 2020AGENCY IDENTIFICATION AND CERTIFICATION STATEMENT Page TYPE OF OWNERSHIP: NOTFORPROFIT: AGENCY NAME:AGENCY

How to fill out not-for-profit property tax exemption

How to fill out not-for-profit property tax exemption

1. Obtain the necessary forms: You will need to obtain the application form for the not-for-profit property tax exemption. This form is typically available on the website of your local tax assessor's office.
2. Gather required documents: Gather all the required documents to support your application. This may include documents such as proof of incorporation, proof of tax-exempt status, financial statements, and any other relevant paperwork.
3. Fill out the application form: Carefully fill out the application form, providing accurate information about your organization, its purpose, and the property you are seeking exemption for.
4. Attach supporting documents: Attach all the supporting documents to your application form as required. Make sure you include all the necessary paperwork to strengthen your case for exemption.
5. Review and double-check: Carefully review your completed application form and attached documents for any errors or missing information. Make sure everything is accurate and complete before submitting.
6. Submit the application: Submit your completed application form along with the supporting documents to the appropriate tax assessor's office. Follow the specified submission guidelines provided by the office.
7. Await a decision: Once your application is submitted, it will be reviewed by the tax assessor's office. They will assess your case and determine whether you qualify for the not-for-profit property tax exemption.
8. Follow up if necessary: If you have not heard back within a reasonable time frame, consider following up with the tax assessor's office to inquire about the status of your application.
9. Maintain compliance: If your application is approved and you are granted the not-for-profit property tax exemption, make sure to comply with any ongoing requirements or reporting obligations to maintain your exemption status.
10. Seek professional advice if needed: If you are unsure about any step of the process or have specific concerns, it is advisable to seek professional advice from an attorney or a tax expert specializing in not-for-profit organizations.

Who needs not-for-profit property tax exemption?

1. Not-for-profit organizations that own property and meet certain criteria may need to apply for not-for-profit property tax exemption. This exemption is typically available to organizations that are recognized as tax-exempt by the relevant government authority and have a valid purpose that qualifies for such exemption. Examples of organizations that may need this exemption include charities, religious institutions, educational institutions, and other non-profit organizations that own property and are eligible for tax-exempt status. It is important to consult with the local tax assessor's office or seek professional advice to determine if your organization qualifies for the not-for-profit property tax exemption.

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What is not-for-profit property tax exemption?

Not-for-profit property tax exemption refers to a tax benefit granted to properties owned and operated by organizations that are not intended to generate profit, such as charities and various nonprofit organizations, allowing them to be exempt from property taxes.

Who is required to file not-for-profit property tax exemption?

Organizations seeking a not-for-profit property tax exemption must file, including charitable organizations, educational institutions, and other entities recognized as tax-exempt under relevant state and federal laws.

How to fill out not-for-profit property tax exemption?

To fill out the not-for-profit property tax exemption application, organizations typically need to complete a specific form provided by the local tax authority, providing details such as the organization's tax-exempt status, property usage, and financial information.

What is the purpose of not-for-profit property tax exemption?

The purpose of not-for-profit property tax exemption is to relieve qualifying organizations from property tax burdens, enabling them to allocate more resources towards their charitable missions and community services.

What information must be reported on not-for-profit property tax exemption?

Entities applying for not-for-profit property tax exemption must report information including their tax-exempt status, the purpose of the property, financial statements, and details about how the property is used in furtherance of their nonprofit goals.