2023 New York Laws › TAX - Tax › Article 11 - Tax on Mortgages › 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.