N.Y. County Law § 272: Taxation of district property

§ 272. Taxation of district property. All real property acquired for

the purposes of the county district shall be acquired in the name of

such county district. Real property acquired in the name of the county

district shall be assessed for the purposes of taxation at the value

thereof exclusive of improvements erected or installed by or on behalf

of such county district, but in no case at less than the assessed

valuation at the time of acquisition by such county district, provided

however, that in those cases where the county district acquires real

property already containing improvements intended for the very purpose

for which the particular district was established, the real property so

acquired shall be assessed at the value of the land alone, exclusive of

such improvements. Except as provided above, such real property shall be

valued on an equitable basis with other comparable real property in the

district.