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

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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.

                    
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