N.Y. Insurance Law 5225 – Exemption from taxation
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§ 5225. Exemption from taxation. The corporation shall be exempt from all taxes and fees now or hereafter imposed by the state, or by any county, municipality or local authority or subdivision, except that any real property owned by the corporation shall be subject to county, municipal or local taxation to the same extent according to its value as other similar real property is taxed and that the corporation shall be subject to the fees imposed pursuant to § 202 of the vehicle and traffic law.
Terms Used In N.Y. Insurance Law 5225
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.