N.Y. Public Authorities Law § 1048-k: Tax exemption of the water board property and activities

§ 1048-k. Tax exemption of the water board property and activities.

1. It is hereby determined that the creation of a water board and the

carrying out of its corporate purposes is in all respects for the

benefit of the city and is a public purpose and the water board 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 water board shall be deemed a public authority for

the purposes of section four hundred twelve of the real property tax

law.

2. Notwithstanding the provisions of subdivisions one and four of this

section, any real property of the water board located outside the

boundaries of the city, shall be exempt from the payment of taxes,

special ad valorem levies and special assessments only if and to the

extent that such real property would have been exempt if owned by the

city.

3. Notwithstanding any provision in this section to the contrary, the

water board 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 of

the water board located within such municipality and provided that any

such payment or agreement to pay shall be subject to approval by the

authority.

4. The water board shall not be required to pay any taxes or other

governmental fees or charges, whether imposed by the state or any

municipality, including without limitation franchise taxes, sales taxes

or other excise taxes, or any other tax or charge upon its property or

activities or upon any of its revenues or other income.