N.Y. Tax Law § 252: Exemptions

§ 252. Exemptions. (1) No mortgage of real property situated within

this state shall be exempt, and no person or corporation owning any debt

or obligation secured by mortgage of real property situated within this

state shall be exempt, from the taxes imposed by this article by reason

of anything contained in any other statute, except as provided in

section three hundred thirty-nine-ee of the real property law, or by

reason of any provision in any private act or charter which is subject

to amendment or repeal by the legislature, or by reason of non-residence

within this state or for any other cause, except that mortgages of real

property situated within this state transferred, assigned or made to

Home Owners' Loan Corporation, a corporation created under an act of

congress, known as home owners' loan act of nineteen hundred and

thirty-three, or to a agricultural credit association or federal home

loan bank, shall be exempt, and said corporation or institution owning

any debt or obligation secured by mortgage of real property situated

within this state, shall be exempt from the taxes imposed by this

article and except that mortgages of real property situated within this

state executed, given or made prior to June first, nineteen hundred

thirty-four by any public benefit corporation created under the laws of

this state for the purpose of maintaining and operating a public park

and public recreation center shall be exempt, and any person or

corporation owning any debt or obligation of any such public benefit

corporation secured by such a mortgage of its real property situated

within this state, shall be exempt from the taxes imposed by this

article, and except that mortgages of real property situated within this

state which are executed, given or made subsequent to June seventh,

nineteen hundred thirty-four and which are substituted for other

mortgages as a part of and in compliance with a plan of reorganization

pursuant to the provisions of section seventy-seven-b of the federal

bankruptcy act, are and shall be exempt from taxes imposed by this

article to an amount not exceeding the amount of such mortgage

indebtedness outstanding at the time of the consummation of such

reorganization, and any person or corporation owning any debt or

obligation secured by such a mortgage of real property situated within

this state is and shall be exempt from the taxes imposed by this

article, and except that mortgages of real property situated within this

state which are executed, given or made by a railroad redevelopment

corporation during the first nine years of its existence as such are and

shall be exempt from the taxes imposed by this article and any person or

corporation owning any debt or obligation secured by such a mortgage of

real property situated within this state is and shall be exempt from the

taxes imposed by this article.

(2) Notwithstanding article eighteen-A of the general municipal law

and titles eleven and fifteen of article eight of the public authorities

law, no mortgage of real property situated within the state in counties

located within the metropolitan commuter transportation district, the

Niagara Frontier transportation district, the Rochester-Genesee

transportation district, the capital district transportation district,

and the central New York regional transportation district executed,

given, made, or transferred or assigned by or to an agency created under

article eighteen-A of the general municipal law, an authority created

under title eleven or fifteen of article eight of the public authorities

law, an agent or agent of such agent of such agency or authority, a

project operator receiving financial assistance from such agency or

authority, a project occupant of such agency or authority, or an owner

of a project receiving financial assistance from such agency or

authority shall be exempt from the additional tax imposed by paragraph

(a) of subdivision two of section two hundred fifty-three of this

article. For the purposes of this subdivision the term "financial

assistance" shall have the same meaning as defined in section eight

hundred fifty-four of the general municipal law.