2010 New York Code
TAX - Tax
Article 11 - (250 - 267) TAX ON MORTGAGES
252 - Exemptions.

§ 252.  Exemptions.  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.