N.Y. Public Authorities Law § 2412: Property and income

§ 2412. Property and income. 1. The property of the agency and its

income and operations shall be exempt from taxation or assessments of

every kind and nature, other than assessments for local improvements and

the tax imposed by article eleven of the tax law; nor shall the agency

be required to pay any recording fee or transfer tax of any kind on

account of instruments recorded by it or on its behalf.

2. Notwithstanding the provisions of subdivision one of this section,

all mortgages recorded prior to the effective date of this subdivision

as to which an assignment to the agency has been recorded shall be

recordable, enforceable, assignable and valid for all purposes as if the

mortgage recording tax had been paid regardless of whether a mortgage

recording tax was paid thereon.