N.Y. Tax Law § 250: Definitions

§ 250. Definitions. 1. The term "real property" as used in this

article includes the land itself above and under water, all buildings

and other articles and structures, substructures and superstructures,

erected upon, under or above, or affixed to the same; all wharves and

piers, including the value of the right to collect wharfage, cranage or

dockage thereon; all bridges, all telegraph lines, wires, poles and

appurtenances; all supports and inclosures for electrical conductors and

other appurtenances upon, above and underground; all surface,

underground or elevated railroads, including the value of all

franchises, rights or permission to construct, maintain or operate the

same in, under, above, on or through, streets, highways, or public

places; all railroad structures, substructures and superstructures,

tracks and the iron thereon; branches, switches and other fixtures

permitted or authorized to be made, laid or placed in, upon, above or

under any public or private road, street or ground; all mains, pipes and

tanks laid or placed in, upon, above or under any public or private

street or place for conducting steam, heat, water, oil, electricity or

any property, substance or product capable of transportation or

conveyance therein or that is protected thereby, including the value of

all franchises, rights, authority or permission to construct, maintain

or operate, in, under, above, upon, or through, any streets, highways or

public places, any mains, pipes, tanks, conduits or wires, with their

appurtenances, for conducting water, steam, heat, light, power, gas, oil

or other substance, or electricity or telegraphic, telephonic or other

purposes; all trees and underwood growing upon land, and all mines,

minerals, quarries and fossils in and under the same, except mines

belonging to the state; and all the forms of housing which are adaptable

to motivation by a power connected thereto or which may be propelled by

a power within themselves and which are or can be used as a house or

living abode or habitation of one or more persons, or for business,

commercial or office purposes, either temporarily or permanently, and

commonly called and hereafter referred to as "trailers"; except (1)

transient trailers which have been located within the boundaries of a

city, town or village for less than sixty days and (2) trailers which

are for sale and which are not occupied. Said terms shall not include

bulk milk tanks or coolers installed upon the farm to hold milk awaiting

shipment to market. "Real property" also includes everything a

conveyance or mortgage of which can be recorded as a conveyance or

mortgage of real property under the laws of the state.

2. (a) The term "mortgage" as used in this article includes every

mortgage or deed of trust which imposes a lien on or affects the title

to real property, notwithstanding that such property may form a part of

the security for the debt or debts secured thereby. An assignment of

rents to accrue from tenancies, subtenancies, leases or subleases of

real property, within any city in the state having a population of one

million or more, given as security for an indebtedness, shall be deemed

a mortgage of real property for purposes of this article. Executory

contracts for the sale of real property under which the vendee has or is

entitled to possession shall be deemed to be mortgages for the purposes

of this article and shall be taxable at the amount unpaid on such

contracts. A contract or agreement by which the indebtedness secured by

any mortgage is increased or added to, shall be deemed a mortgage of

real property for the purpose of this article, and shall be taxable as

such upon the amount of such increase or addition. Notwithstanding

anything in this section or section two hundred fifty-five of this

article to the contrary, a contract or agreement whereby the proceeds of

any indebtedness secured by a mortgage of real property in any city in

the state having a population of one million or more are used to reduce

all or any part of a mortgagee's equity interest in a wraparound or

similar mortgage of such real property shall be deemed a mortgage of

real property for the purposes of this article and shall be taxable as

such to the extent of the amount of such proceeds so used, without

regard to whether the aggregate amount of indebtedness secured by

mortgages of such real property is increased or added to.

(b) Where all or part of the indebtedness secured by a mortgage of

real property within any city in the state having a population of one

million or more has been paid and new funds are advanced or re-advanced

which are to be secured by such mortgage, the contract or agreement by

which such funds are advanced or re-advanced shall be deemed a mortgage

of real property for purposes of this article, and shall be taxable as

such upon the amount of such new funds, except as otherwise provided in

section two hundred fifty-three-b of this article.

3. The term "tax district" as used in this article means a city or

town.