N.Y. Tax Law § 252-a: Other exemptions

§ 252-a. Other exemptions. 1. Mortgages of real property given to

secure obligations incurred and given pursuant to the provisions of

section six-a of the banking law shall be exempt from any tax or fee

imposed by this article.

2. Reverse mortgages conforming to the provisions of section two

hundred eighty or two hundred eighty-a of the real property law securing

obligations of mortgagors or exempted therefrom pursuant to subdivision

four of section two hundred eighty or subdivision four of section two

hundred eighty-a of the real property law shall be exempt from any tax

or fee imposed by this article. In each case where an exemption is

claimed under this subdivision, the lender shall provide documentation

in a format approved by the commissioner of taxation and finance to

enable recording officers to affirmatively determine when a mortgage

being presented for recording is a reverse mortgage conforming to such

provisions of the real property law and entitled to an exemption under

this subdivision. Where such documentation is not furnished, the maximum

principal debt or obligation which shall be the measure of the tax

imposed by and pursuant to the authority of this article in the case of

a reverse mortgage shall be the proceeds of the loan which the

authorized lender is obligated to lend the borrower at the execution of

such mortgage or at any time thereafter but determined without regard to

any contingency relating to the addition of any unpaid interest to

principal or relating to any percentage of the future appreciation of

the property securing the loan as consideration or additional

consideration for the making of the loan. Provided, however, if

subsequent to the recording of such mortgage, the proceeds which the

authorized lender is obligated to lend the borrower are increased at any

time, such new or further indebtedness or obligation shall be the

measure of the tax at such time unless at that time an exemption is

applicable under the first sentence of this subdivision or otherwise.