N.Y. Real Property Tax Law 561-A – Payments in lieu of taxes; change of assessment; notice
§ 561-a. Payments in lieu of taxes; change of assessment; notice. Notwithstanding any other provision of law, any person, firm, partnership, corporation, limited liability company or any other business entity which makes payments in lieu of taxes to any agency, county, town, village, city or school district, shall, prior to filing with such agency, county, town, village, city or school district for a change of assessment, notify such agency, county, town, village, city or school district of such business entity's intention to file for such change; provided however that such notice shall not be required in cities with a population of one million or more. Such notification of intention shall be made in writing and shall be made at least forty-five days prior to such filing for change of assessment.
Terms Used In N.Y. Real Property Tax Law 561-A
- 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.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.