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SECTION 252
Exemptions
Tax (TAX) CHAPTER 60, ARTICLE 11
§ 252. Exemptions. (1) No mortgage of real property situated within
this state shall be exempt, and no person or corporation owning any debt
or obligation secured by mortgage of real property situated within this
state shall be exempt, from the taxes imposed by this article by reason
of anything contained in any other statute, except as provided in
section three hundred thirty-nine-ee of the real property law, or by
reason of any provision in any private act or charter which is subject
to amendment or repeal by the legislature, or by reason of non-residence
within this state or for any other cause, except that mortgages of real
property situated within this state transferred, assigned or made to
Home Owners' Loan Corporation, a corporation created under an act of
congress, known as home owners' loan act of nineteen hundred and
thirty-three, or to a agricultural credit association or federal home
loan bank, shall be exempt, and said corporation or institution owning
any debt or obligation secured by mortgage of real property situated
within this state, shall be exempt from the taxes imposed by this
article and except that mortgages of real property situated within this
state executed, given or made prior to June first, nineteen hundred
thirty-four by any public benefit corporation created under the laws of
this state for the purpose of maintaining and operating a public park
and public recreation center shall be exempt, and any person or
corporation owning any debt or obligation of any such public benefit
corporation secured by such a mortgage of its real property situated
within this state, shall be exempt from the taxes imposed by this
article, and except that mortgages of real property situated within this
state which are executed, given or made subsequent to June seventh,
nineteen hundred thirty-four and which are substituted for other
mortgages as a part of and in compliance with a plan of reorganization
pursuant to the provisions of section seventy-seven-b of the federal
bankruptcy act, are and shall be exempt from taxes imposed by this
article to an amount not exceeding the amount of such mortgage
indebtedness outstanding at the time of the consummation of such
reorganization, and any person or corporation owning any debt or
obligation secured by such a mortgage of real property situated within
this state is and shall be exempt from the taxes imposed by this
article, and except that mortgages of real property situated within this
state which are executed, given or made by a railroad redevelopment
corporation during the first nine years of its existence as such are and
shall be exempt from the taxes imposed by this article and any person or
corporation owning any debt or obligation secured by such a mortgage of
real property situated within this state is and shall be exempt from the
taxes imposed by this article.

(2) Notwithstanding article eighteen-A of the general municipal law
and titles eleven and fifteen of article eight of the public authorities
law, no mortgage of real property situated within the state in counties
located within the metropolitan commuter transportation district, the
Niagara Frontier transportation district, the Rochester-Genesee
transportation district, the capital district transportation district,
and the central New York regional transportation district executed,
given, made, or transferred or assigned by or to an agency created under
article eighteen-A of the general municipal law, an authority created
under title eleven or fifteen of article eight of the public authorities
law, an agent or agent of such agent of such agency or authority, a
project operator receiving financial assistance from such agency or
authority, a project occupant of such agency or authority, or an owner
of a project receiving financial assistance from such agency or
authority shall be exempt from the additional tax imposed by paragraph
(a) of subdivision two of section two hundred fifty-three of this
article. For the purposes of this subdivision the term "financial
assistance" shall have the same meaning as defined in section eight
hundred fifty-four of the general municipal law.