286 - Taxation and exemption of property held in fund; exemption of mortgages from mortgage recording tax.

§ 286.  Taxation  and exemption of property held in fund; exemption of  mortgages from mortgage recording tax. The fund and the  income  thereof  shall  be exempt from all taxation now or hereafter imposed by the state  of New York or  by  any  county,  municipality  or  local  authority  or  subdivision,  except that any real property constituting an asset of the  fund shall be subject to city, county, municipal or  local  taxation  to  the same extent according to its value as other similar real property is  taxed. Mortgages executed by the fund and/or its trustee shall be exempt  from  the  mortgage recording taxes imposed by article eleven of the tax  law.