N.Y. Banking Law § 286: Taxation and exemption of property held in fund; exemption of mortgages from mortgage recording tax

§ 286. Taxation and exemption of property held in fund; exemption of

mortgages from mortgage recording tax. The fund and the income thereof

shall be exempt from all taxation now or hereafter imposed by the state

of New York or by any county, municipality or local authority or

subdivision, except that any real property constituting an asset of the

fund shall be subject to city, county, municipal or local taxation to

the same extent according to its value as other similar real property is

taxed. Mortgages executed by the fund and/or its trustee shall be exempt

from the mortgage recording taxes imposed by article eleven of the tax

law.