§ 1048-K — Tax exemption of the water board property and activities

New York § 1048-K

• Jurisdiction: New York
• Law PBA: Public Authorities
• Title 2-B: Buffalo Municipal Water Finance Authority
• Art. 5: Public Utility Authorities

Text

§ 1048-k. Tax exemption of the water board property and activities.\n1. It is hereby determined that the creation of a water board and the\ncarrying out of its corporate purposes is in all respects for the\nbenefit of the city and is a public purpose and the water board shall be\nregarded as performing a governmental function in the exercise of the\npowers conferred upon it by this title and shall not be required to pay\nany taxes, special ad valorem levies or special assessments upon any\nreal property owned by it or any filing, recording or transfer fees or\ntaxes in relation to instruments filed, recorded or transferred by it or\non its behalf. The water board shall be deemed a public authority for\nthe purposes of section four hundred twelve of the real property tax\nlaw.\n 2. Notwithstanding the provisions of subdivisions one and four of this\nsection, any real property of the water board located outside the\nboundaries of the city, shall be exempt from the payment of taxes,\nspecial ad valorem levies and special assessments only if and to the\nextent that such real property would have been exempt if owned by the\ncity.\n 3. Notwithstanding any provision in this section to the contrary, the\nwater board may pay, or may enter into agreements with any municipality\nto pay, a sum or sums, annually or otherwise, or to provide other\nconsiderations to such municipality, with respect to real property of\nthe water board located within such municipality and provided that any\nsuch payment or agreement to pay shall be subject to approval by the\nauthority.\n 4. The water board shall not be required to pay any taxes or other\ngovernmental fees or charges, whether imposed by the state or any\nmunicipality, including without limitation franchise taxes, sales taxes\nor other excise taxes, or any other tax or charge upon its property or\nactivities or upon any of its revenues or other income.\n