N.Y. Real Property Tax Law 489-U – Inapplicability of title
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§ 489-u. Inapplicability of title. The provisions of this title shall not apply to railroad real property which is owned by or under the jurisdiction, supervision or control of either an industrial development agency or a municipal corporation.
Terms Used In N.Y. Real Property Tax Law 489-U
- 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.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.