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 § 339 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.
Terms Used In N.Y. Tax Law 252
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- 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.
- 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. See N.Y. Tax Law 250
- 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: 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. See N.Y. Tax Law 250
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Statute: A law passed by a legislature.
(2) Notwithstanding Article 18-A of the general municipal law and titles eleven and fifteen of Article 8 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 18-A of the general municipal law, an authority created under title eleven or fifteen of Article 8 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 § 854 of the general municipal law.