Legislation
SECTION 1115-T
Exemption from taxes, assessments and certain fees; payments in lieu of taxes
Public Authorities (PBA) CHAPTER 43-A, ARTICLE 5, TITLE 6
§ 1115-t. Exemption from taxes, assessments and certain fees; payments
in lieu of taxes. 1. It is hereby determined that the creation of the
authority and the carrying out of its corporate purposes is in all
respects for the benefit of the people of the city and of the state and
is a public purpose and the authority shall be regarded as performing a
governmental function in the exercise of the powers conferred upon it by
this title and shall not be required to pay any taxes, special ad
valorem levies or special assessments upon any real property owned by it
or any filing, recording or transfer fees or taxes in relation to
instruments filed, recorded or transferred by it or on its behalf. The
authority shall be deemed a public authority for purposes of section
four hundred twelve of the real property tax law.
2. Notwithstanding any provision in this section to the contrary, the
authority may pay, or may enter into agreements with any municipality to
pay, a sum or sums, annually or otherwise, or to provide other
considerations to such municipality with respect to real property owned
by the authority located within such municipality.
3. Any bonds issued pursuant to this title together with the income
therefrom shall be exempt from taxation except for transfer and estate
taxes. The revenues, moneys and all other property and activities of the
authority shall be exempt from all taxes and governmental fees or
charges, whether imposed by the state or any municipality, including
without limitation real estate taxes, franchise taxes, sales taxes or
other excise taxes.
4. The state hereby covenants with the purchasers and with all
subsequent holders and transferees of bonds issued by the authority
pursuant to this title, in consideration of the acceptance of and
payment for the bonds, that the bonds of the authority issued pursuant
to this title and the income therefrom shall be free from such taxation,
as aforestated in subdivision three of this section, and that all
revenues, moneys, and other property pledged to secure the payment of
such bonds shall at all times be free from such taxation as aforestated
in such subdivision.
in lieu of taxes. 1. It is hereby determined that the creation of the
authority and the carrying out of its corporate purposes is in all
respects for the benefit of the people of the city and of the state and
is a public purpose and the authority shall be regarded as performing a
governmental function in the exercise of the powers conferred upon it by
this title and shall not be required to pay any taxes, special ad
valorem levies or special assessments upon any real property owned by it
or any filing, recording or transfer fees or taxes in relation to
instruments filed, recorded or transferred by it or on its behalf. The
authority shall be deemed a public authority for purposes of section
four hundred twelve of the real property tax law.
2. Notwithstanding any provision in this section to the contrary, the
authority may pay, or may enter into agreements with any municipality to
pay, a sum or sums, annually or otherwise, or to provide other
considerations to such municipality with respect to real property owned
by the authority located within such municipality.
3. Any bonds issued pursuant to this title together with the income
therefrom shall be exempt from taxation except for transfer and estate
taxes. The revenues, moneys and all other property and activities of the
authority shall be exempt from all taxes and governmental fees or
charges, whether imposed by the state or any municipality, including
without limitation real estate taxes, franchise taxes, sales taxes or
other excise taxes.
4. The state hereby covenants with the purchasers and with all
subsequent holders and transferees of bonds issued by the authority
pursuant to this title, in consideration of the acceptance of and
payment for the bonds, that the bonds of the authority issued pursuant
to this title and the income therefrom shall be free from such taxation,
as aforestated in subdivision three of this section, and that all
revenues, moneys, and other property pledged to secure the payment of
such bonds shall at all times be free from such taxation as aforestated
in such subdivision.