§ 1316. Exemption from taxation. It is hereby found, determined and\ndeclared that the creation of the authority and the carrying out of its\npurposes is in all respects for the benefit of the people of the state\nof New York and for the improvement of their health, welfare and\nprosperity and is a public purpose, and that the authority will be\nperforming an essential governmental function in the exercise of the\npowers conferred upon it by this title. Without limiting the generality\nof the following provisions of this section, property owned by the\nauthority and used for transportation purposes, property leased by the\nauthority and used for transportation purposes, and property used for\ntransportation purposes by or for the benefit of the authority\nexclusively pursuant to the provisions of a joint service arrangement or\nof a joint facilities agreement or trackage rights agreement shall all\nbe exempt from taxation and special ad valorem levies. The authority\nshall be required to pay no fees, taxes or assessments, whether state or\nlocal, except special benefit assessments if said property is located in\na special benefit district, including but not limited to fees, taxes or\nassessments on real estate, franchise taxes, sales taxes or other excise\ntaxes, upon any of its property, or upon the uses thereof, or upon its\nactivities in the operation and maintenance of its facilities or on any\nfares, tolls, rentals, rates, charges or other fees, revenues or other\nincome received by the authority and all bonds, notes and obligations of\nthe authority and the income therefrom shall at all times be exempt from\ntaxation, except for gift and estate taxes and taxes on transfers. This\nsection shall constitute a covenant and agreement with the holders of\nall bonds, notes and obligations issued by the authority. The terms\n"taxation" and "special ad valorem levy" shall have the same meanings as\ndefined in section one hundred two of the real property tax law and the\nterm "transportation purposes" shall have the same meaning as used in\ntitles two-a and two-b of article four of such law.\n
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