N.Y. Tax Law § 253-c: Recording tax imposed by the county of Nassau

§ 253-c. Recording tax imposed by the county of Nassau. 1. Nassau

county, acting through its local legislative body, is hereby authorized

and empowered to adopt and amend local laws imposing in any such county

during the period beginning September first, nineteen hundred ninety-two

and ending the earlier of August thirty-first, nineteen hundred

ninety-eight or the last day of the month next succeeding the month in

which the commissioner of taxation and finance receives notice of

sufficient revenues pursuant to paragraph (b) of subdivision five of

this section, a tax of one dollar 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 a mortgage on real property

situated within such county and recorded on or after the date upon which

such tax takes effect and a tax of one dollar on such mortgage if the

principal debt or obligation which is or by any contingency may be

secured by such mortgage is less than one hundred dollars.

2. The taxes imposed under the authority of this section shall be

administered and collected in the same manner as the taxes imposed under

subdivision one of section two hundred fifty-three and paragraph (b) of

subdivision one of section two hundred fifty-five of this chapter.

Except as otherwise provided in this section, all the provisions of this

article relating to or applicable to the administration and collection

of the taxes imposed by such subdivisions shall apply to the taxes

imposed under the authority of this section with such modifications as

may be necessary to adapt such language to the tax so authorized. Such

provisions shall apply with the same force and effect as if those

provisions had been set forth in full in this section except to the

extent that any provision is either inconsistent with a provision of

this section or not relevant to the tax authorized by this section. For

purposes of this section, any reference in this article to the tax or

taxes imposed by this article shall be deemed to refer to a tax imposed

pursuant to this section, and any reference to the phrase "within this

state" shall be read as "within Nassau county", unless a different

meaning is clearly required.

3. Where the real property covered by the mortgage subject to the tax

imposed pursuant to the authority of this section is situated in this

state but within and without a county imposing such tax, the amount of

such tax due and payable to such county shall be determined in a manner

similar to that prescribed in the first paragraph of section two hundred

sixty of this chapter which concerns real property situated in two or

more counties. Where such property is situated both within such county

and without the state, the amount due and payable to such county shall

be determined in the manner prescribed in the second paragraph of such

section two hundred sixty which concerns property situated within and

without the state. Where real property is situated within and without

the county imposing such tax, the recording officer of the jurisdiction

in which the mortgage is first recorded shall be required to collect the

taxes imposed pursuant to this section.

4. A tax imposed pursuant to the authority of this section shall be in

addition to the taxes imposed by section two hundred fifty-three.

5. (a) Notwithstanding any provision of this article to the contrary,

the balance of all moneys paid to the recording officer of the county of

Nassau during each month upon account of the tax imposed pursuant to the

authority of this section, after deducting the necessary expenses of his

office as provided in section two hundred sixty-two of this chapter,

except taxes paid upon mortgages which under the provisions of this

section or section two hundred sixty of this chapter are first to be

apportioned by the commissioner of taxation and finance, shall be paid

over by such officer on or before the tenth day of each succeeding month

to the county treasurer of Nassau county and, after the deduction by

such county treasurer of the necessary expenses of his or her office

provided in section two hundred sixty-two of this chapter shall: (i) if

paid to such recording officer during the first sixteen months of

imposition of such tax, be deposited in the general fund of such county

for expenditure on county purposes; (ii) if so paid at any time

thereafter, be deposited in a special fund, to be designated the Nassau

county deficit bond fund, to be created by the county of Nassau separate

and apart from any other funds and accounts of the county.

Notwithstanding the provisions of the preceding sentence, the tax so

imposed and paid upon mortgages covering real property situated in two

or more counties, which under the provisions of this section or section

two hundred sixty of this chapter are first to be apportioned by the

commissioner of taxation and finance, shall be paid over by the

recording officer receiving the same as provided by the determination of

said commissioner.

(b) Except as otherwise provided in this section, moneys in the Nassau

county bond deficit fund may be appropriated from and transferred to or

expended in any fiscal year only for the purpose of payment of the

principal of and interest on bonds and notes authorized by a chapter of

the laws of nineteen hundred ninety-two, entitled "AN ACT authorizing

the county of Nassau to issue serial bonds and/or bond anticipation

notes for the purpose of liquidating deficits in the county's general

fund and to amend the tax law, in relation to authorizing the county of

Nassau to impose a county recording tax on obligations secured by a

mortgage on real property; to amend the county government law of Nassau

county (Nassau County Charter) and the Nassau county administrative

code, in relation to the imposition of an exigency tax". When the amount

of moneys in such fund is sufficient to pay all future debt service on

such notes and bonds, the comptroller of the county of Nassau shall so

notify the commissioner of taxation and finance by certified mail. When

no such bonds or notes remain outstanding, such fund shall terminate and

moneys remaining therein shall be deposited in the general fund of such

county for expenditure on county purposes.

6. Any local law imposing a tax pursuant to the authority of this

section or repealing or suspending such a tax shall take effect only on

the first day of a calendar month or in September of nineteen hundred

ninety-two on the sixth, thirteenth, twentieth or twenty-seventh day of

such month. Such a local law shall not be effective unless a certified

copy thereof is mailed by registered or certified mail to the

commissioner of taxation and finance at the commissioner's office in

Albany at least thirty days prior to the date the local law shall take

effect.

7. Certified copies of any local law described in this section shall

also be filed with the county clerk, the secretary of state and the

state comptroller within five days after the date it is duly enacted.