N.Y. TAX Law § 252

§ 252. Exemptions. (1) No mortgage of real property situated within\nthis state shall be exempt, and no person or corporation owning any debt\nor obligation secured by mortgage of real property situated within this\nstate shall be exempt, from the taxes imposed by this article by reason\nof anything contained in any other statute, except as provided in\nsection three hundred thirty-nine-ee of the real property law, or by\nreason of any provision in any private act or charter which is subject\nto amendment or repeal by the legislature, or by reason of non-residence\nwithin this state or for any other cause, except that mortgages of real\nproperty situated within this state transferred, assigned or made to\nHome Owners' Loan Corporation, a corporation created under an act of\ncongress, known as home owners' loan act of nineteen hundred and\nthirty-three, or to a agricultural credit association or federal home\nloan bank, shall be exempt, and said corporation or institution owning\nany debt or obligation secured by mortgage of real property situated\nwithin this state, shall be exempt from the taxes imposed by this\narticle and except that mortgages of real property situated within this\nstate executed, given or made prior to June first, nineteen hundred\nthirty-four by any public benefit corporation created under the laws of\nthis state for the purpose of maintaining and operating a public park\nand public recreation center shall be exempt, and any person or\ncorporation owning any debt or obligation of any such public benefit\ncorporation secured by such a mortgage of its real property situated\nwithin this state, shall be exempt from the taxes imposed by this\narticle, and except that mortgages of real property situated within this\nstate which are executed, given or made subsequent to June seventh,\nnineteen hundred thirty-four and which are substituted for other\nmortgages as a part of and in compliance with a plan of reorganization\npursuant to the provisions of section seventy-seven-b of the federal\nbankruptcy act, are and shall be exempt from taxes imposed by this\narticle to an amount not exceeding the amount of such mortgage\nindebtedness outstanding at the time of the consummation of such\nreorganization, and any person or corporation owning any debt or\nobligation secured by such a mortgage of real property situated within\nthis state is and shall be exempt from the taxes imposed by this\narticle, and except that mortgages of real property situated within this\nstate which are executed, given or made by a railroad redevelopment\ncorporation during the first nine years of its existence as such are and\nshall be exempt from the taxes imposed by this article and any person or\ncorporation owning any debt or obligation secured by such a mortgage of\nreal property situated within this state is and shall be exempt from the\ntaxes imposed by this article.\n (2) Notwithstanding article eighteen-A of the general municipal law\nand titles eleven and fifteen of article eight of the public authorities\nlaw, no mortgage of real property situated within the state in counties\nlocated within the metropolitan commuter transportation district, the\nNiagara Frontier transportation district, the Rochester-Genesee\ntransportation district, the capital district transportation district,\nand the central New York regional transportation district executed,\ngiven, made, or transferred or assigned by or to an agency created under\narticle eighteen-A of the general municipal law, an authority created\nunder title eleven or fifteen of article eight of the public authorities\nlaw, an agent or agent of such agent of such agency or authority, a\nproject operator receiving financial assistance from such agency or\nauthority, a project occupant of such agency or authority, or an owner\nof a project receiving financial assistance from such agency or\nauthority shall be exempt from the additional tax imposed by paragraph\n(a) of subdivision two of s
f the public authorities\nlaw, an agent or agent of such agent of such agency or authority, a\nproject operator receiving financial assistance from such agency or\nauthority, a project occupant of such agency or authority, or an owner\nof a project receiving financial assistance from such agency or\nauthority shall be exempt from the additional tax imposed by paragraph\n(a) of subdivision two of section two hundred fifty-three of this\narticle. For the purposes of this subdivision the term "financial\nassistance" shall have the same meaning as defined in section eight\nhundred fifty-four of the general municipal law.\n