2012 New York Consolidated Laws
PBG - Public Housing
Article 3 - (30 - 60) MUNICIPAL HOUSING AUTHORITIES
52 - Tax exemptions of an authority.

 
    §  52. Tax exemptions of an authority. 1. An authority shall be exempt
  from the payment  of  (a)  any  taxes  or  fees  to  the  state  or  any
  subdivision  thereof  and (b) any fees to any officer or employee of the
  state or of any subdivision thereof, except where it is provided  by  or
  pursuant  to law that such officer or employee is personally entitled to
  such fees as compensation for services rendered or performed by  him  in
  his official capacity.
    2.  Bonds,  mortgages, notes and other obligations of an authority are
  declared  to  be  issued  for  a  public  purpose  and  to   be   public
  instrumentalities  and  together  with interest thereon, shall be exempt
  from tax.
    2-a. The state of New York hereby consents to the inclusion, under the
  United States internal revenue code of nineteen  hundred  fifty-four  or
  any subsequent internal revenue law of the United States of the interest
  payable  on bonds, mortgages, notes or other obligations of an authority
  which are hereafter issued and  secured  (1)  by  a  mortgage  which  is
  insured  under  section  two  hundred twenty-one (d) (3) of the national
  housing act (or any successor section under said act or  any  subsequent
  housing  act)  by  an  authority  as  mortgagor  in  connection with the
  financing of a project assisted under section eight of the United States
  housing act of nineteen hundred thirty-seven, or  (2)  by  a  pledge  of
  housing  assistance  payments  made  or  to  be made under a contract or
  contracts between an authority and the United States or  any  agency  or
  instrumentality  thereof, in the gross income of the person who receives
  or is entitled to receive such interest to the same extent  and  in  the
  same   manner  that  the  interest  on  bills,  notes,  bonds  or  other
  obligations of the United States issued subsequent to the effective date
  of section four of the public debt act of nineteen hundred forty-one  is
  includible  in  the  gross income of the holder or holders thereof under
  said internal revenue code or any subsequent internal revenue law of the
  United States  and,  notwithstanding  any  provisions  to  the  contrary
  contained  in  this  chapter or in any general, special or local law, an
  authority is authorized and empowered to issue  such  bonds,  mortgages,
  notes  or  other obligations and shall include therein such reference to
  or summary of this subdivision as it  shall  deem  proper.  The  consent
  hereby  given by the state of New York shall not be construed to consent
  to the application of any other provision of any other law,  federal  or
  state,  to an authority or to the elimination or modification in any way
  of any other exemption, privilege, or immunity thereof.
    3. Except as to state projects, the property of an authority shall  be
  exempt  from  all  local  and  municipal  taxes.  A federal or municipal
  project consisting of land and one or more multiple dwellings leased  by
  an  authority for a term of not less than ten years shall be exempt from
  such taxes during the period of such lease. A municipality may (a) fix a
  sum which shall be paid to it annually by the authority  in  respect  of
  each project; or (b) agree that the authority shall not pay or be liable
  to  pay  any  sum whatsoever in respect of a project or projects for any
  year or years; or (c) agree with an authority or government upon the sum
  to be paid by the authority for any  year  or  years  in  respect  of  a
  project  or  projects, or accept or agree to accept a fixed sum or other
  consideration in lieu of such payment; provided, however, that  the  sum
  fixed,  or  agreed to be paid by the authority, for any year shall in no
  case exceed the sum last levied as  an  annual  tax  upon  the  property
  included  in  such  project  prior to the time of its acquisition by the
  authority; and provided, further, that the sum fixed, or  agreed  to  be
  paid  by  the  authority, for any year with respect to a federal project
  shall in no case exceed the sum last levied as an annual  tax  upon  the
  property  included  in such project prior to the time of its acquisition

  by the authority or such greater amount as the  federal  government  may
  permit.
    3-a.  With  respect  to  a  federal  project  located  within a school
  district, an authority may make  payments  to  such  district,  and  the
  authority  and  the  district  may enter into agreements with respect to
  such payments.  Such payments shall not exceed the amounts permitted for
  such purposes by the federal  government.  The  power  granted  by  this
  subdivision  shall  be  in  addition  to any other power granted in this
  section or any other provision of law.
    4. (a) So much of the value  of  the  property  included  in  a  state
  project  as  represents  an  increase over the assessed valuation of the
  real property, both land and improvements, on the date of  the  contract
  for  a  state  loan,  or, in the absence of a contract for a state loan,
  then on the date of the contract for a state subsidy,  shall  be  exempt
  from  any and all state, county, city, village, town, school and special
  district taxes, except that the assessed valuation may be  increased  or
  decreased  to  reflect  a change in the level of assessment as certified
  pursuant to title two of article twelve of the real property tax law. In
  no event may any assessing  unit  assess  the  property  included  in  a
  project at an amount in excess of the actual cost of the project.
    (b) In any assessing unit in which there has been a change in level of
  assessment  as  provided  in  title  two  of  article twelve of the real
  property tax law, the commissioner of taxation and finance shall certify
  the change in level of assessment factor in the manner provided in title
  two of article twelve of the real property tax law. The term  "assessing
  unit"  as used in this subdivision means a city, town, village or county
  having a county department of assessment with the power to  assess  real
  property.
    5. The tax exemptions specified in subdivisions three and four of this
  section  shall  not  operate  for  a  period  of  more than fifty years,
  commencing in each instance from the date on which the benefits of  such
  exemption  first become available and effective, except that in the case
  of a federal project the tax exemption may operate for a period  not  to
  exceed  sixty  years,  and except that in the case of a project, or part
  thereof, leased from a housing company or in the case of  a  federal  or
  municipal  project consisting of land and one or more multiple dwellings
  leased by an authority for not less than ten years the tax exemption may
  operate for a period not exceeding the term of such lease.
    6.  Upon  the  completion  of  the  sixty-year  period   provided   in
  subdivision  five  of  this section applicable to federal projects, each
  authority  that  was  eligible  for  the  tax  exemption  specified   in
  subdivisions  three  and  four  of this section shall be exempt from all
  local and municipal taxes imposed by state  and  local  governments  for
  sixty  years  after the expiration of the initial exemption period. Upon
  the completion of the fifty-year period provided in subdivision five  of
  this  section applicable to state and municipal projects, each authority
  that received the tax exemption specified in subdivision three  or  four
  of  this  section may, on the expiration of the tax exemption period, be
  granted an additional tax exemption period  of  up  to  fifty  years.  A
  municipality may (a) fix a sum which shall be paid to it annually by the
  authority  in  respect  of each project; or (b) agree that the authority
  shall not pay or be liable to pay any sum whatsoever  in  respect  of  a
  project  or  projects  for  any  year  or  years;  or  (c) agree with an
  authority or government upon the sum to be paid by the authority for any
  year or years in respect of a project or projects, or accept or agree to
  accept a fixed sum or other  consideration  in  lieu  of  such  payment;
  provided,  however,  that  the  sum  fixed,  or agreed to be paid by the
  authority, for any year shall in no case exceed the sum last  levied  as

  an  annual  tax  upon the property included in such project prior to the
  time of its acquisition by the authority or, in the case  of  a  federal
  project, such greater amount as the federal government may permit.
    With respect to a federal project located within a school district, an
  authority  may make payments to such district, and the authority and the
  district may enter into agreements with respect to such  payments.  Such
  payments shall not exceed the amounts permitted for such purposes by the
  federal  government.  The  power granted by this subdivision shall be in
  addition to any other  power  granted  in  this  section  or  any  other
  provision of law.