Section 485-D. Water-works corporations

Latest version.

Real property situated in a city
  with a population  of  one  million  or  more  owned  by  a  water-works
  corporation subject to the provisions of the public service law and used
  exclusively  for  the  sale,  furnishing  and  distribution of water for
  domestic, commercial and public purposes, shall be wholly  or  partially
  exempt  from  taxation  provided that the local legislative body of such
  city within which such property  is  situated  adopts  a  local  law  so
  providing.

                    
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