Section 305. Tax exemption

A railroad redevelopment corporation, during
  each year of its existence as such corporation, shall be exempt from the
  payment of any and all taxes (including, without limitation,  franchise,
  organization,   income,   mortgage   recording,   excise,   sales,   and
  compensating use taxes) to the state, or to  any  political  subdivision
  thereof, or to any officers of any thereof, except taxes and assessments
  levied or imposed upon the real property of such corporation; and, as to
  such  taxes  or assessments so levied or imposed, such corporation shall
  be  entitled  to  the  exemption  provided  in  section   four   hundred
  seventy-six of the real property tax law.