New York Consolidated Laws, Rapid Transit Law - RAT § 103. Exemption from taxation

The bonds and securities issued by the city and the income or profits therefrom, the railroads and property owned by the city and the gross receipts or income derived from such railroads and property or from the operation thereof, and the transportation or right to or privilege of transportation of persons or property upon any such railroads, shall at all times be free from taxation or assessment by the state or by any subdivision thereof.