* § 74. Tax exemptions. 1. An authority shall be exempt from the payment of any taxes or fees to the state or any subdivision thereof or to any officer or employee of the state or subdivision thereof.

2. Bonds and mortgages of an authority are declared to be issued for a public purpose and to be public instrumentalities, and together with interest thereon, shall be exempt from tax.

3. The property of an authority shall be exempt from all local and municipal taxes. A municipality may (a) fix a sum which shall be paid to it annually by the authority in respect of each project; or (b) agree that the authority shall not pay or be liable to pay any sum whatsoever in respect of a project or projects for any year or years; or (c) agree with an authority or government upon the sum to be paid by the authority for any year or years in respect of a ‘project or projects, or accept or agree to accept a fixed sum or other consideration in lieu of such payment; provided, however, that the sum fixed, or agreed to be paid by the authority, for any year shall in no case exceed the sum last levied as an annual tax upon the property included in such project prior to the time of its acquisition by the authority.

* NB The text of Article 5 of the former State Housing Law (cited herein as the "Municipal Housing Authorities Law"), as such article existed immediately prior to its repeal pursuant to section 227 of Chapter 808 of the Laws of 1939, is provided here for ease of reference and historical purposes as such text continues to be applicable for the New York City Housing Authority pursuant to the provisions of section 401 of the current Public Housing Law.