Public Authorities Law § 2412 · Part 1. No title
Property and income
Text — Law content up to date as of October 2, 2026, as published by the New York State Senate (Open Legislation)
§ 2412. Property and income. 1. The property of the agency and its income and operations shall be exempt from taxation or assessments of every kind and nature, other than assessments for local improvements and the tax imposed by article eleven of the tax law; nor shall the agency be required to pay any recording fee or transfer tax of any kind on account of instruments recorded by it or on its behalf.
2. Notwithstanding the provisions of subdivision one of this section, all mortgages recorded prior to the effective date of this subdivision as to which an assignment to the agency has been recorded shall be recordable, enforceable, assignable and valid for all purposes as if the mortgage recording tax had been paid regardless of whether a mortgage recording tax was paid thereon.
Source of truth
- Edition
- Law content up to date as of October 2, 2026, as published by the New York State Senate (Open Legislation)
- Official file
- https://legislation.nysenate.gov/pdf/laws/PBA2412
- Text hash
- sha256 8a8e4939bfdc38e359d7bf9ea5f74ce9988aa2cf9e20e375edbf503224443d81
- Composed by
- gen_ny_statutes.py 2026-11-10: the Senate's Open Legislation law tree (GET /api/3/laws/<ID>?full=true) read in document order; the Senate's PDF of the whole law (GET /pdf/laws/<ID>?full=true), read with PDFium, prints the same words in the same order
Procedural information only. Not legal advice and not a substitute for the advice of an attorney. Confirm the current text with the official publisher before relying on it.