§ 253 — Recording tax

New York § 253

• Jurisdiction: New York
• Law TAX: Tax
• Art. 11: Tax On Mortgages

Text

§ 253. Recording tax. 1. A tax of fifty cents for each one hundred\ndollars and each remaining major fraction thereof of principal debt or\nobligation which is, or under any contingency may be secured at the date\nof the execution thereof or at any time thereafter by a mortgage on real\nproperty situated within the state recorded on or after the first day of\nJuly, nineteen hundred and six, is hereby imposed on each such mortgage,\nand shall be collected and paid as provided in this article. If the\nprincipal debt or obligation which is or by any contingency may be\nsecured by such mortgage recorded on or after the first day of July,\nnineteen hundred and seven, is less than one hundred dollars, a tax of\nfifty cents is hereby imposed on such mortgage, and shall be collected\nand paid as provided in this article.\n 1-a. (a) In addition to the tax imposed by subdivision one of this\nsection, there shall be imposed on each mortgage of real property\nsituated within the state, except mortgages wherein the mortgagee is a\nnatural person or persons, or is a credit union as defined in section\ntwo of the banking law, and in either case the mortgaged premises\nconsist of real property improved by a structure containing six\nresidential dwelling units or less, each with separate cooking\nfacilities, a special additional tax of twenty-five cents for each one\nhundred dollars and each remaining major fraction thereof of principal\ndebt or obligation which is, or under any contingency may be secured at\nthe date of execution thereof or at anytime thereafter by such mortgage.\nThe tax, if any, imposed by this subdivision shall in cases of real\nproperty principally improved or to be improved by one or more\nstructures containing in the aggregate not more than six residential\ndwelling units, each dwelling unit having its own separate cooking\nfacilities, be paid by the mortgagee, and such tax shall not be paid or\npayable, directly or indirectly, by the mortgagor except as otherwise\nprovided in sections two hundred fifty-eight and two hundred fifty-nine\nof this article and except such tax shall be paid in such cases by the\nmortgagor where the mortgagee is an exempt organization described in\nparagraph (b) of this subdivision. In all other cases, such tax shall be\npaid by the mortgagor except that the tax shall be paid by the mortgagee\nwhere the mortgagor is an exempt organization described in paragraph (b)\nof this subdivision. All of the provisions of this article shall apply\nwith respect to the special additional tax imposed by this subdivision\nto the same extent as if it were imposed by said subdivision one of this\nsection, except as otherwise expressly provided in this article.\n (b) An organization organized other than for profit which is operated\non a nonprofit basis no part of the net earnings of which inures to the\nbenefit of any officer, director or member and which is exempt from\nfederal income taxation pursuant to subsection (a) of section five\nhundred one of the internal revenue code shall be exempt from the\nspecial additional tax imposed by this subdivision.\n 2. (a) In addition to the taxes imposed by subdivisions one and one-a\nof this section, there shall be imposed on each mortgage of real\nproperty situated within the state recorded on or after the first day of\nJuly, nineteen hundred sixty-nine, an additional tax of twenty-five\ncents for counties outside of the metropolitan commuter transportation\ndistrict, as defined pursuant to section twelve hundred sixty-two of the\npublic authorities law, and thirty cents for counties within such\nmetropolitan commuter transportation district for each one hundred\ndollars and each remaining major fraction thereof of principal debt or\nobligation which is, or under any contingency may be secured at the date\nof execution thereof or at any time thereafter by such mortgage, saving\nand excepting the first ten thousand dollars of such principal debt or\nobligation in any case in which the related mortgage is of real property\nprincipally improved or to be improved by a one or two family residence\nor dwelling. All the provisions of this article shall apply with\nrespect to the additional tax imposed by this subdivision to the same\nextent as if it were imposed by the said subdivision one of this\nsection, except as otherwise expressly provided in this article.\nNotwithstanding article eighteen-A of the general municipal law and\ntitles eleven and fifteen of article eight of the public authorities\nlaw, no mortgage of real property situated within the state in counties\nlocated within the metropolitan commuter transportation district, the\nNiagara Frontier transportation district, the Rochester-Genesee\ntransportation district, the capital district transportation district,\nand the central New York regional transportation district executed,\ngiven, made, or transferred or assigned by or to an agency created under\narticle eighteen-A of the general municipal law, an authority created\nunder title eleven or fifteen of article eight of the public authorities\nlaw, an agent or agent of such agent of such agency or authority, a\nproject operator receiving financial assistance from such agency or\nauthority, a project occupant of such agency or authority, or an owner\nof a project receiving financial assistance from such agency or\nauthority shall be exempt from the additional tax imposed by this\nsubdivision. For the purposes of this subdivision the term "financial\nassistance" shall have the same meaning as defined in section eight\nhundred fifty-four of the general municipal law. The imposition of this\nadditional tax on mortgages recorded in a county outside the city of New\nYork, other than one of the counties from time to time comprising the\nmetropolitan commuter transportation district, the Niagara Frontier\ntransportation district, the Rochester-Genesee transportation district,\nthe capital district transportation district or the central New York\nregional transportation district may be suspended for a specified period\nof time or without limitation as to time by a local law, ordinance or\nresolution duly adopted by the local legislative body of such county.\n (b) Any local law, ordinance or resolution suspending the imposition\nof this additional tax as provided in paragraph (a) of this subdivision,\nor amending or repealing such local law, ordinance or resolution, shall\ntake effect only on the first day of the third month succeeding the\nmonth in which such local law, ordinance or resolution is duly adopted.\nSuch a local law, ordinance or resolution shall not be effective unless\na certified copy thereof is mailed by registered or certified mail to\nthe state tax commission at its office in Albany at least sixty days\nprior to the date the local law, ordinance or resolution shall take\neffect. However, the tax commission may waive and reduce such sixty-day\nnotice requirement to a requirement that such certified copy be mailed\nby registered or certified mail within a period of not less than thirty\ndays prior to such effective date if it deems such action to be\nconsistent with its duties under this article. A certified copy of any\nlocal law, ordinance or resolution adopted pursuant to this subdivision\nshall also be filed with the state comptroller within five days after\nthe date it is duly adopted.\n 3. Notwithstanding any other provision of law to the contrary, the\nmortgage recording tax shall not be imposed upon any mortgage executed\nby a voluntary nonprofit hospital corporation, fire company or voluntary\nambulance service as defined in section one hundred of the general\nmunicipal law, or upon any mortgage executed by or granted to the\ndormitory authority.\n