N.Y. Public Authorities Law § 1105: Exemption from taxes

§ 1105. Exemption from taxes. 1. It is hereby determined that the

creation of the authority and the carrying out of its corporate purposes

is in all respects for the benefit of the people of the county of Monroe

and its environments, and is a public purpose, and the authority 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

property owned by it or under its jurisdiction, control or supervision

or upon its activities, or any filing, recording or transfer taxes in

relation to instruments filed, recorded or transferred by it or on its

behalf.

2. Any bonds or notes issued pursuant to this title, together with the

income therefrom shall be exempt from taxation, except for transfer and

estate taxes. The revenues, monies and other properties and the

activities of the authority shall be exempt from taxes and governmental

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

including real estate taxes, franchise taxes or other excise taxes.

3. Notwithstanding any other provisions of this chapter, the authority

may make payments in lieu of taxes to municipalities and school

districts on any property of the authority located within the

jurisdiction of such municipality or school district. The amounts of

such payments in lieu of taxes shall be as determined by the authority,

provided, however, that the sum paid by the authority for any year shall

in no case exceed the sum last levied by the municipality or school

district as an annual tax upon the property prior to its acquisition by

the authority.