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