N.Y. Tax Law § 253: Recording tax

§ 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.

Notwithstanding article eighteen-A of the general municipal law and

titles eleven and fifteen of article eight of the public authorities

law, no mortgage of real property situated within the state in counties

located within the metropolitan commuter transportation district, the

Niagara Frontier transportation district, the Rochester-Genesee

transportation district, the capital district transportation district,

and the central New York regional transportation district executed,

given, made, or transferred or assigned by or to an agency created under

article eighteen-A of the general municipal law, an authority created

under title eleven or fifteen of article eight of the public authorities

law, an agent or agent of such agent of such agency or authority, a

project operator receiving financial assistance from such agency or

authority, a project occupant of such agency or authority, or an owner

of a project receiving financial assistance from such agency or

authority shall be exempt from the additional tax imposed by this

subdivision. For the purposes of this subdivision the term "financial

assistance" shall have the same meaning as defined in section eight

hundred fifty-four of the general municipal law. 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.