2023 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.