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This entry was published on 2014-09-22
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SECTION 250
Definitions
Tax (TAX) CHAPTER 60, ARTICLE 11
§ 250. Definitions. 1. The term "real property" as used in this
article includes the land itself above and under water, all buildings
and other articles and structures, substructures and superstructures,
erected upon, under or above, or affixed to the same; all wharves and
piers, including the value of the right to collect wharfage, cranage or
dockage thereon; all bridges, all telegraph lines, wires, poles and
appurtenances; all supports and inclosures for electrical conductors and
other appurtenances upon, above and underground; all surface,
underground or elevated railroads, including the value of all
franchises, rights or permission to construct, maintain or operate the
same in, under, above, on or through, streets, highways, or public
places; all railroad structures, substructures and superstructures,
tracks and the iron thereon; branches, switches and other fixtures
permitted or authorized to be made, laid or placed in, upon, above or
under any public or private road, street or ground; all mains, pipes and
tanks laid or placed in, upon, above or under any public or private
street or place for conducting steam, heat, water, oil, electricity or
any property, substance or product capable of transportation or
conveyance therein or that is protected thereby, including the value of
all franchises, rights, authority or permission to construct, maintain
or operate, in, under, above, upon, or through, any streets, highways or
public places, any mains, pipes, tanks, conduits or wires, with their
appurtenances, for conducting water, steam, heat, light, power, gas, oil
or other substance, or electricity or telegraphic, telephonic or other
purposes; all trees and underwood growing upon land, and all mines,
minerals, quarries and fossils in and under the same, except mines
belonging to the state; and all the forms of housing which are adaptable
to motivation by a power connected thereto or which may be propelled by
a power within themselves and which are or can be used as a house or
living abode or habitation of one or more persons, or for business,
commercial or office purposes, either temporarily or permanently, and
commonly called and hereafter referred to as "trailers"; except (1)
transient trailers which have been located within the boundaries of a
city, town or village for less than sixty days and (2) trailers which
are for sale and which are not occupied. Said terms shall not include
bulk milk tanks or coolers installed upon the farm to hold milk awaiting
shipment to market. "Real property" also includes everything a
conveyance or mortgage of which can be recorded as a conveyance or
mortgage of real property under the laws of the state.

2. (a) The term "mortgage" as used in this article includes every
mortgage or deed of trust which imposes a lien on or affects the title
to real property, notwithstanding that such property may form a part of
the security for the debt or debts secured thereby. An assignment of
rents to accrue from tenancies, subtenancies, leases or subleases of
real property, within any city in the state having a population of one
million or more, given as security for an indebtedness, shall be deemed
a mortgage of real property for purposes of this article. Executory
contracts for the sale of real property under which the vendee has or is
entitled to possession shall be deemed to be mortgages for the purposes
of this article and shall be taxable at the amount unpaid on such
contracts. A contract or agreement by which the indebtedness secured by
any mortgage is increased or added to, shall be deemed a mortgage of
real property for the purpose of this article, and shall be taxable as
such upon the amount of such increase or addition. Notwithstanding
anything in this section or section two hundred fifty-five of this
article to the contrary, a contract or agreement whereby the proceeds of
any indebtedness secured by a mortgage of real property in any city in
the state having a population of one million or more are used to reduce
all or any part of a mortgagee's equity interest in a wraparound or
similar mortgage of such real property shall be deemed a mortgage of
real property for the purposes of this article and shall be taxable as
such to the extent of the amount of such proceeds so used, without
regard to whether the aggregate amount of indebtedness secured by
mortgages of such real property is increased or added to.

(b) Where all or part of the indebtedness secured by a mortgage of
real property within any city in the state having a population of one
million or more has been paid and new funds are advanced or re-advanced
which are to be secured by such mortgage, the contract or agreement by
which such funds are advanced or re-advanced shall be deemed a mortgage
of real property for purposes of this article, and shall be taxable as
such upon the amount of such new funds, except as otherwise provided in
section two hundred fifty-three-b of this article.

3. The term "tax district" as used in this article means a city or
town.