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New York Tax - Article 11 - § 253 Recording Tax

Legal Research Home > New York Laws > Tax > New York Tax - Article 11 - § 253 Recording Tax


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    §  253.  Recording  tax.  1. A tax of fifty cents for each one hundred
  dollars and each remaining major fraction thereof of principal  debt  or
  obligation which is, or under any contingency may be secured at the date
  of the execution thereof or at any time thereafter by a mortgage on real
  property situated within the state recorded on or after the first day of
  July, nineteen hundred and six, is hereby imposed on each such mortgage,
  and  shall  be  collected  and  paid as provided in this article. If the
  principal debt or obligation which is  or  by  any  contingency  may  be
  secured  by  such  mortgage  recorded on or after the first day of July,
  nineteen hundred and seven, is less than one hundred dollars, a  tax  of
  fifty  cents  is hereby imposed on such mortgage, and shall be collected
  and paid as provided in this article.
    1-a. (a) In addition to the tax imposed by  subdivision  one  of  this
  section,  there  shall  be  imposed  on  each  mortgage of real property
  situated within the state, except mortgages wherein the mortgagee  is  a
  natural  person  or  persons, or is a credit union as defined in section
  two of the banking law,  and  in  either  case  the  mortgaged  premises
  consist  of  real  property  improved  by  a  structure  containing  six
  residential  dwelling  units  or  less,  each  with   separate   cooking
  facilities,  a  special additional tax of twenty-five cents for each one
  hundred dollars and each remaining major fraction thereof  of  principal
  debt  or obligation which is, or under any contingency may be secured at
  the date of execution thereof or at anytime thereafter by such mortgage.
  The tax, if any, imposed by this subdivision  shall  in  cases  of  real
  property  principally  improved  or  to  be  improved  by  one  or  more
  structures containing in the aggregate not  more  than  six  residential
  dwelling  units,  each  dwelling  unit  having  its own separate cooking
  facilities, be paid by the mortgagee, and such tax shall not be paid  or
  payable,  directly  or  indirectly, by the mortgagor except as otherwise
  provided in sections two hundred fifty-eight and two hundred  fifty-nine
  of  this  article and except such tax shall be paid in such cases by the
  mortgagor where the mortgagee is an  exempt  organization  described  in
  paragraph (b) of this subdivision. In all other cases, such tax shall be
  paid by the mortgagor except that the tax shall be paid by the mortgagee
  where the mortgagor is an exempt organization described in paragraph (b)
  of  this  subdivision. All of the provisions of this article shall apply
  with respect to the special additional tax imposed by  this  subdivision
  to the same extent as if it were imposed by said subdivision one of this
  section, except as otherwise expressly provided in this article.
    (b)  An organization organized other than for profit which is operated
  on a nonprofit basis no part of the net earnings of which inures to  the
  benefit  of  any  officer,  director  or member and which is exempt from
  federal income taxation pursuant  to  subsection  (a)  of  section  five
  hundred  one  of  the  internal  revenue  code  shall be exempt from the
  special additional tax imposed by this subdivision.
    2. (a) In addition to the taxes imposed by subdivisions one and  one-a
  of  this  section,  there  shall  be  imposed  on  each mortgage of real
  property situated within the state recorded on or after the first day of
  July, nineteen hundred sixty-nine,  an  additional  tax  of  twenty-five
  cents  for  counties outside of the metropolitan commuter transportation
  district, as defined pursuant to section twelve hundred sixty-two of the
  public authorities law,  and  thirty  cents  for  counties  within  such
  metropolitan  commuter  transportation  district  for  each  one hundred
  dollars and each remaining major fraction thereof of principal  debt  or
  obligation which is, or under any contingency may be secured at the date
  of  execution thereof or at any time thereafter by such mortgage, saving
  and excepting the first ten thousand dollars of such principal  debt  or
  obligation in any case in which the related mortgage is of real property

  principally  improved or to be improved by a one or two family residence
  or dwelling.   All the provisions  of  this  article  shall  apply  with
  respect  to  the  additional tax imposed by this subdivision to the same
  extent  as  if  it  were  imposed  by  the  said subdivision one of this
  section, except as otherwise expressly provided  in  this  article.  The
  imposition  of  this  additional  tax  on mortgages recorded in a county
  outside the city of New York, other than one of the counties  from  time
  to  time  comprising  the metropolitan commuter transportation district,
  the Niagara  Frontier  transportation  district,  the  Rochester-Genesee
  transportation district, the capital district transportation district or
  the  central  New York regional transportation district may be suspended
  for a specified period of time or without limitation as  to  time  by  a
  local law, ordinance or resolution duly adopted by the local legislative
  body of such county.
    (b)  Any  local law, ordinance or resolution suspending the imposition
  of this additional tax as provided in paragraph (a) of this subdivision,
  or amending or repealing such local law, ordinance or resolution,  shall
  take  effect  only  on  the  first day of the third month succeeding the
  month in which such local law, ordinance or resolution is duly  adopted.
  Such  a local law, ordinance or resolution shall not be effective unless
  a certified copy thereof is mailed by registered or  certified  mail  to
  the  state  tax  commission  at its office in Albany at least sixty days
  prior to the date the local law,  ordinance  or  resolution  shall  take
  effect.  However, the tax commission may waive and reduce such sixty-day
  notice requirement to a requirement that such certified copy  be  mailed
  by  registered or certified mail within a period of not less than thirty
  days prior to such  effective  date  if  it  deems  such  action  to  be
  consistent  with  its duties under this article. A certified copy of any
  local law, ordinance or resolution adopted pursuant to this  subdivision
  shall  also  be  filed with the state comptroller within five days after
  the date it is duly adopted.
    3. Notwithstanding any other provision of law  to  the  contrary,  the
  mortgage  recording  tax shall not be imposed upon any mortgage executed
  by a voluntary nonprofit hospital corporation, fire company or voluntary
  ambulance service as defined in  section  one  hundred  of  the  general
  municipal  law,  or  upon  any  mortgage  executed  by or granted to the
  dormitory authority.
Section:  Previous  Article 11  250  251  252  252-A  253  253-A  253-B  253-C  253-D  253-E  253-F  253-G  253-H  253-I  Next

Last modified: February 16, 2014