* § 74. Tax exemptions. 1. An authority shall be exempt from the\npayment of any taxes or fees to the state or any subdivision thereof or\nto any officer or employee of the state or subdivision thereof.\n 2. Bonds and mortgages of an authority are declared to be issued for a\npublic purpose and to be public instrumentalities, and together with\ninterest thereon, shall be exempt from tax.\n 3. The property of an authority shall be exempt from all local and\nmunicipal taxes. A municipality may (a) fix a sum which shall be paid to\nit annually by the authority in respect of each project; or (b) agree\nthat the authority shall not pay or be liable to pay any sum whatsoever\nin respect of a project or projects for any year or years; or (c) agree\nwith an authority or government upon the sum to be paid by the authority\nfor any year or years in respect of a project or projects, or accept or\nagree to accept a fixed sum or other consideration in lieu of such\npayment; provided, however, that the sum fixed, or agreed to be paid by\nthe authority, for any year shall in no case exceed the sum last levied\nas an annual tax upon the property included in such project prior to the\ntime of its acquisition by the authority.\n * NB The text of Article 5 of the former State Housing Law (cited\nherein as the "Municipal Housing Authorities Law"), as such article\nexisted immediately prior to its repeal pursuant to section 227 of\nChapter 808 of the Laws of 1939, is provided here for ease of reference\nand historical purposes as such text continues to be applicable for the\nNew York City Housing Authority pursuant to the provisions of section\n401 of the current Public Housing Law.\n
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