New York § 74 - 74Tax exemptions
Full text of New York New York Consolidated Laws § 74 — 74Tax exemptions, with citation guidance and answers to common questions.
§ 74. 74Tax exemptions
* § 74. Tax exemptions. 1. An authority shall be exempt from the payment of any taxes or fees to the state or any subdivision thereof or to any officer or employee of the state or subdivision thereof. 2. Bonds and mortgages 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. 3. The property of an authority shall be exempt from all local and municipal taxes. 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. * NB The text of Article 5 of the former State Housing Law (cited herein as the "Municipal Housing Authorities Law"), as such article existed immediately prior to its repeal pursuant to section 227 of Chapter 808 of the Laws of 1939, is provided here for ease of reference and historical purposes as such text continues to be applicable for the New York City Housing Authority pursuant to the provisions of section 401 of the current Public Housing Law.
Frequently Asked Questions About New York § 74
What does New York Consolidated Laws § 74 cover?
Section 74 ("74Tax exemptions") is part of the New York Consolidated Laws, the codified statutory law of New York. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite New York § 74?
A common citation format is "New York Consolidated Laws § 74" (New York). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of New York law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New York official source linked on this page or consult a licensed New York attorney.
How does New York § 74 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New York can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in New York.