* § 74. Tax exemptions. 1. An authority shall be exempt from the
payment of any taxes or fees to the state or any subdivision thereof or
to any officer or employee of the state or subdivision thereof.

2. Bonds and mortgages of an authority are declared to be issued for a
public purpose and to be public instrumentalities, and together with
interest thereon, shall be exempt from tax.

3. The property of an authority shall be exempt from all local and
municipal taxes. A municipality may (a) fix a sum which shall be paid to
it annually by the authority in respect of each project; or (b) agree
that the authority shall not pay or be liable to pay any sum whatsoever
in respect of a project or projects for any year or years; or (c) agree
with an authority or government upon the sum to be paid by the authority
for any year or years in respect of a project or projects, or accept or
agree to accept a fixed sum or other consideration in lieu of such
payment; provided, however, that the sum fixed, or agreed to be paid by
the authority, for any year shall in no case exceed the sum last levied
as an annual tax upon the property included in such project prior to the
time of its acquisition by the authority.

* NB The text of Article 5 of the former State Housing Law (cited
herein as the "Municipal Housing Authorities Law"), as such article
existed immediately prior to its repeal pursuant to section 227 of
Chapter 808 of the Laws of 1939, is provided here for ease of reference
and historical purposes as such text continues to be applicable for the
New York City Housing Authority pursuant to the provisions of section
401 of the current Public Housing Law.