N.Y. Arts and Cultural Affairs Law 55.17 – Payments in lieu of taxes
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§ 55.17. Payments in lieu of taxes. The trust may, when funds are available and with the approval of the governor, enter into an agreement with a municipality or district within which real property has been acquired by the trust providing for the payment of moneys in lieu of anticipated tax revenues for a period not to exceed five years whenever the trust shall determine that undue hardship justifying such financial relief has been created by such acquisition.
Terms Used In N.Y. Arts and Cultural Affairs Law 55.17
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.