Section 2864. Tax exemptions of limited-profit nursing home companies

The
  real property in a project of  a  limited-profit  nursing  home  company
  shall  be  exempt  from  all  local  and  municipal  taxes,  other  than
  assessments for local improvements, to the extent of the  value  of  the
  property included in any such project as represents an increase over the
  assessed  valuation  of  the  real property, both land and improvements,
  acquired for  the  project  on  the  date  of  its  acquisition  by  the
  limited-profit nursing home company. The tax exemption shall operate and
  continue  so  long  as  the  mortgage loan by the New York state housing
  finance agency or the New York state  medical  care  facilities  finance
  agency,  as  the case may be, to the limited-profit nursing home company
  is outstanding but in no event for a period of more than  thirty  years,
  commencing  in  each  instance  from  the  date  when the limited-profit
  nursing  home  company  first  acquired  such  property.  If  a  project
  qualifying  for  a  tax exemption pursuant to this section is sold, with
  the approval of the commissioner, to another limited-profit nursing home
  company, such successor company shall be entitled to  all  the  benefits
  granted  by this section. In the event that such sale is to a non-profit
  nursing home company, such successor company shall be  entitled  to  all
  the  benefits  provided  by  section four hundred twenty-two of the real
  property tax law. Local and municipal taxes, for the  purposes  of  this
  section,  shall  mean  taxes  levied  by  a county, city, village, town,
  school and special district but shall not include assessments for  local
  improvements.