NY Tax L § 253 (2021)
2021 New York Laws TAX - Tax Article 11 - Tax on Mortgages 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.