VALUE LINE NEW YORK TAX EXEMPT TRUST
24F-2NT, 1995-04-11
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April 10, 1995


Securities and Exchange Commission
6432 General Green Way
Alexandria, VA 22312

Re:  Value Line New York Tax Exempt Trust
SEC File No. 33-12400
CIK # 0000811268
          
Gentlemen:

This electronic filing of Rule 24f-2 Notice for the above fund is
a follow up to the paper copy previously submitted to your office.

Very truly yours,



                                                                  
Peter D. Lowenstein
Legal Counsel

<PAGE>
VALUE LINE NEW YORK TAX EXEMPT TRUST

24f-2 NOTICE FOR THE FISCAL YEAR ENDING FEBRUARY 28, 1995

FILE NO. 33-12400



l.  Year Ending:                            February 28, 1995

2.  Shares registered under
    Securities Act of l933
    which were unsold at 3/1/95:            None
 
3.  Shares registered during
    year other than pursuant to
    Rule 24f-2:                             N/A

4.  Shares sold during the year
    ended 2/28/95:                                                
                                            509,456

5.  Shares sold during the year
    ended 2/28/95 pursuant to
    Rule 24f-2:                             509,456

6.  Shares redeemed during the
    year ended 2/28/95:                     917,659

7.  Amount of fee*                           -0-


    *Based on aggregate sale price for which such securities
    were sold ($4,957,588) reduced by redemption price of
    such securities redeemed ($8,897,929).

   This notice is accompanied by an opinion of counsel concerning
the shares registered pursuant to Rule 24f-2 during the fiscal year
ended 2/28/95.



The above computation is true and correct
to the best of my knowledge and belief.



_______________________________________
Jack M. Houston, Assistant Treasurer


Dated:                        

<PAGE>
PETER D. LOWENSTEIN
ATTORNEY AT LAW
TWO GREENWICH PLAZA, SUITE 100
GREENWICH, CONNECTICUT  06830
203 622-3932
FAX 203 622-0321  
                                                                  
April 5, 1995


Value Line New York Tax Exempt Trust 
220 East 42nd Street
New York, NY 10017

Re:  Rule 24f-2 Registration of Shares

Gentlemen:

     I am familiar with the proceedings taken by Value Line New
York Tax Exempt Trust, a Massachusetts business trust (the "Fund"),
in connection with the registration and sale of shares of
beneficial interest, par value $.01 per share, under the Securities
Act of 1933 and in accordance with the provisions of Rule 24f-2
under the Investment Company Act of 1940, as amended, and as
described and set forth in its Registration Statement on Form N-1A
and in the Prospectus constituting a part of said Registration
Statement.

     I have examined such corporate records of the Fund and other
documents and considered such questions of law as I have considered
necessary as a basis for this opinion.  Specifically, I have
examined a "Rule 24f-2 Notice" dated April 3, 1995 signed by your
Assistant Treasurer, and a certificate of the Assistant Treasurer
which states that of the 509,456 shares issued during the year
ending February 28, 1995 (excluding shares issued in reinvestment
of dividends), 182,634 shares were fully paid as of such date and
1,403 shares were recorded on the books of the Fund as issued but
payment for those shares had not been made and was not yet due in
the ordinary course of your business.

     Based upon the foregoing, I am of the opinion that the shares
of the Fund described in the Notice, the registration of which is
made definite by the filing of the Notice, were legally issued,
fully paid and non-assessable.

     I consent to this opinion accompanying the Notice.

Very truly yours,



Peter D. Lowenstein





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