N.Y. Public Authorities Law 211 – Exemption from taxation
* § 211. Exemption from taxation. The construction, maintenance and operation of Bethpage park is in all respects for the benefit of the people of the state of New York for the increase of their pleasure, convenience and welfare and for the improvement of their health, and the authority shall be regarded as performing a governmental function in carrying out its corporate purpose and shall be required to pay no taxes or assessments of any kind whatsoever upon any of the property acquired by it, which said property shall be exempt from taxation so long as the same is owned or possessed by the authority, or upon its activities in the operation and maintenance of Bethpage park or upon any revenues or other income received by it, and any mortgage of real property executed, given or made by the authority shall be exempt from any tax imposed on the recording thereof and any person or corporation owning any debt or obligation of the authority secured by any mortgage of its real property shall be exempt from any tax on the recording of such mortgage. Nothing in this section shall be construed, however, to impress any trust upon such property as such or to limit the absolute character of any title which may be derived through the authority by sale or the foreclosure of any lien or mortgage thereon.
Terms Used In N.Y. Public Authorities Law 211
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Lien: A claim against real or personal property in satisfaction of a debt.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
* NB (Abolished in 1975)