N.Y. Pub. Auth. Law § 1596-mm

§ 1596-mm. Exemptions from taxation. 1. It is hereby determined that\nthe creation of the authority and the carrying out of its corporate\npurposes is in all respects for the benefit of the people of the city of\nYonkers and its environs, and is a public purpose, and the authority\nshall be regarded as performing a governmental function in the exercise\nof the powers conferred upon it by this title and shall be required to\npay no taxes or assessments upon any of the property acquired by it or\nunder its jurisdiction or control or supervision or upon its activities.\n 2. Any bonds or notes issued pursuant to this title, together with the\nincome therefrom, as well as the property of the authority, shall be\nexempt from taxation, except for transfer and estate taxes.\n