N.Y. PBH Law § 2864

§ 2864. Tax exemptions of limited-profit nursing home companies. The\nreal property in a project of a limited-profit nursing home company\nshall be exempt from all local and municipal taxes, other than\nassessments for local improvements, to the extent of the value of the\nproperty included in any such project as represents an increase over the\nassessed valuation of the real property, both land and improvements,\nacquired for the project on the date of its acquisition by the\nlimited-profit nursing home company. The tax exemption shall operate and\ncontinue so long as the mortgage loan by the New York state housing\nfinance agency or the New York state medical care facilities finance\nagency, as the case may be, to the limited-profit nursing home company\nis outstanding but in no event for a period of more than thirty years,\ncommencing in each instance from the date when the limited-profit\nnursing home company first acquired such property. If a project\nqualifying for a tax exemption pursuant to this section is sold, with\nthe approval of the commissioner, to another limited-profit nursing home\ncompany, such successor company shall be entitled to all the benefits\ngranted by this section. In the event that such sale is to a non-profit\nnursing home company, such successor company shall be entitled to all\nthe benefits provided by section four hundred twenty-two of the real\nproperty tax law. Local and municipal taxes, for the purposes of this\nsection, shall mean taxes levied by a county, city, village, town,\nschool and special district but shall not include assessments for local\nimprovements.\n