reglab/statecodes huggingface dataset:
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter IV - Sales And Use And Other Miscellaneous Taxes › Subchapter D - Mortgage Recording Taxes › Part 641 - Definitions › Section 641.5 - Real property defined

Current through Register Vol. 46, No. 28, July 10, 2024
Tax Law, § 250
Real property
means:
(a) land itself, above and under water, all
				  buildings and other articles and structures, substructures and superstructures,
				  erected upon, under or above, or affixed to the same;
(b) all wharves and piers, including the
				  value of the right to collect wharfage, cranage or dockage thereon;
(c) all bridges, all telegraph lines, wires,
				  poles and appurtenances;
(d) all
				  supports and inclosures for electrical conductors and other appurtenances upon,
				  above and underground;
(e) all
				  surface, underground or elevated railroads, including the value of all
				  franchises, rights or permission to construct, maintain or operate the same in,
				  under, above, on or through streets, highways or public places;
(f) all railroad structures, substructures
				  and superstructures, tracks and the iron thereon; branches, switches and other
				  fixtures permitted or authorized to be made, laid or placed in, upon, above or
				  under any public or private road, street or ground;
(g) all mains, pipes and tanks laid or placed
				  in, upon, above or under any public or private street or place for conducting
				  steam, heat, water, oil, electricity or any property, substance or product
				  capable of transportation or conveyance therein or that is protected thereby,
				  including the value of all franchises, rights, authority or permission to
				  construct, maintain or operate, in, under, above, upon, or through, any
				  streets, highways or public places, any mains, pipes, tanks, conduits or wires,
				  with their appurtenances, for conducting water, steam, heat, light, power, gas,
				  oil or other substance, or electricity or telegraphic, telephonic or other
				  purposes;
(h) all trees and
				  underwood growing upon land, and all mines, minerals, quarries and fossils in
				  and under the same, except mines belonging to the State;
(i) all the forms of housing which are
				  adaptable to motivation by a power connected thereto or which may be propelled
				  by a power within themselves and which are or can be used as a house or living
				  abode or habitation of one or more persons, or for business, commercial or
				  office purposes, either temporarily or permanently, and commonly called and
				  hereafter referred to as "trailers;" except:
(1) transient trailers which have been
				  located within the boundaries of a city, town or village for less than 60 days;
				  and
(2) trailers which are for sale
				  and which are not occupied; and
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter IV - Sales And Use And Other Miscellaneous Taxes › Subchapter D - Mortgage Recording Taxes › Part 641 - Definitions › Section 641.6 - Mortgage defined

Current through Register Vol. 46, No. 28, July 10, 2024
Tax Law, § 250
(a)
Mortgage
means and includes an instrument in writing which
				  imposes a lien on or affects the title to real property or both real and
				  personal property with such property being used as a security for the payment
				  of money or the performance of an obligation, and includes an executory
				  contract for the sale of real property or both real and personal property under
				  which the purchaser has, or is entitled to, possession of the real property
				  prior to the delivery of a deed. The term
mortgage
shall also
				  include a contract or agreement by which the indebtedness secured by any
				  mortgage is increased or added to, and a contract or agreement pursuant to
				  which "new funds," as defined at section
				  641.9  of this
				  Part, are advanced or re-advanced under a prior recorded mortgage of real
				  property. The term
mortgage
also includes an assignment of
				  rents to accrue from tenancies, subtenancies, leases or subleases, but only
				  with respect to real property located within any city in New York State having
				  a population of one million or more.
(b) The following are examples of instruments
				  which are mortgages when given as security for a debt or the performance of an
				  obligation:
(1) an instrument in the form of
				  an absolute deed, which in fact is merely security;
(2) an instrument which shows, by its own
				  terms or by reference to other instruments, that the purchase price for the
				  real property has not been fully paid, unless the vendor's lien has been waived
				  by taking back a purchase money mortgage, by having the vendee assume a
				  preexisting mortgage, or otherwise. The unpaid purchase price may be in the
				  form of money, debts of the grantor assumed by the grantee (other than
				  mortgages and taxes on the property conveyed), an annuity to be paid, or
				  support or maintenance to be provided for the grantor or otherwise;
(3) an instrument pledging the lessee's
				  interest in a lease;
(4) an
				  instrument pledging the vendee's interest in an executory contract for the sale
				  of real property;
(5) an instrument
				  pledging an interest in a decedent's estate, consisting partly or wholly of
				  real property;
(6) an instrument in
				  which the provisions for lease and for an executory contract of sale are so
				  blended as to be inseparable;
(7)
				  an agreement to make a mortgage on real property (but this does not include a
				  provision for giving a purchase money mortgage, included in an executory
				  contract for the sale of real property);
(8) an agreement not to record a mortgage;
				  and
(9) an agreement not to
				  transfer, sell, convey or otherwise encumber real property, otherwise known as
				  a negative pledge agreement, but only if the agreement is actually
				  recorded.
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter IV - Sales And Use And Other Miscellaneous Taxes › Subchapter D - Mortgage Recording Taxes › Part 641 - Definitions › Section 641.7 - Mortgagor defined

Current through Register Vol. 46, No. 28, July 10, 2024
Mortgagor means a person who gives a
					 mortgage.
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter IV - Sales And Use And Other Miscellaneous Taxes › Subchapter D - Mortgage Recording Taxes › Part 641 - Definitions › Section 641.8 - Mortgagee defined

Current through Register Vol. 46, No. 28, July 10, 2024
Mortgagee means a person to whom property is
					 mortgaged.
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter IV - Sales And Use And Other Miscellaneous Taxes › Subchapter D - Mortgage Recording Taxes › Part 641 - Definitions › Section 641.9 - New funds defined

Current through Register Vol. 46, No. 28, July 10, 2024
New funds means the amount by which the aggregate amount of
					 funds advanced or readvanced under a prior recorded mortgage exceeds the amount
					 upon which the mortgage recording taxes were paid when such prior mortgage was
					 recorded.
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter IV - Sales And Use And Other Miscellaneous Taxes › Subchapter D - Mortgage Recording Taxes › Part 641 - Definitions › Section 641.10 - Credit line mortgage defined

Current through Register Vol. 46, No. 28, July 10, 2024
Tax Law, § 253-b
Credit line mortgage
means any mortgage
					 means any mortgage or deed of trust, other than a mortgage or deed of trust
					 made pursuant to a building loan contract as defined in subdivision 13 of
					 section 2  of the Lien
					 Law, which states that it secures indebtedness under a note, credit agreement
					 or other financing agreement that reflects the fact that the parties reasonably
					 contemplate entering into a series of advances, or advances, payments and
					 readvances, and that limits the aggregate amount at any time outstanding to a
					 maximum amount specified in such mortgage or deed of trust. Provided, however,
credit line mortgage
shall not include a reverse mortgage
					 created pursuant to section 280 or 280-a  of the Real Property
					 Law.
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter IV - Sales And Use And Other Miscellaneous Taxes › Subchapter D - Mortgage Recording Taxes › Part 641 - Definitions › Section 641.11 - Statutory right of rescission defined

Current through Register Vol. 46, No. 28, July 10, 2024
Section 257-a  of the Tax Law defines statutory
					 right of rescission as meaning the right of a borrower (mortgagor) to rescind a
					 consumer credit transaction in which a security interest, including a mortgage,
					 is retained or acquired in any real personal property that is used or is
					 expected to be used as a residence of the mortgagor, as such right is provided
					 in the "Truth in Lending Act" of the Federal Consumer Protection Act at section
					 125 ( Public Law 90-321; 82 Stat. 146 et seq.) and in the regulations issued by
					 the Board of Governors of the Federal Reserve System pursuant to said title of
					 said act.
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter IV - Sales And Use And Other Miscellaneous Taxes › Subchapter D - Mortgage Recording Taxes › Part 642 - Imposition Of Taxes › Section 642.1 - Imposition of the basic tax

Current through Register Vol. 46, No. 28, July 10, 2024
Tax Law, § 253(1)
(a) Subdivision 1 of section 253  of
				  the Tax Law imposes the basic tax upon the recording of each mortgage on real
				  property located in this State, at a rate of 50 cents for each $100 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 of the
				  mortgage or at any time thereafter. The term
major fraction
means more than half.
Example:
A mortgage securing a principal debt or obligation of
					 $1,050 is subject to a basic tax of $5, while a mortgage securing principal
					 debt or obligation of $1,050.01 is subject to a basic tax of
					 $5.50.
(b) For purposes of
				  these regulations the principal debt or obligation which is used to compute the
				  mortgage recording taxes must be expressed in United States currency.
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter IV - Sales And Use And Other Miscellaneous Taxes › Subchapter D - Mortgage Recording Taxes › Part 642 - Imposition Of Taxes › Section 642.3 - Imposition of the special additional tax

Current through Register Vol. 46, No. 28, July 10, 2024
Tax Law, § 253(1-a)
(a) In addition to the taxes imposed by subdivisions 1 and 2 of section 253  of the Tax Law, subdivision 1-a of section 253  of the Tax Law imposes the special additional tax upon the recording of each mortgage on real property located in this State, at a rate of 25 cents for each $100 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 of such mortgage or at any time thereafter.
(b)
Residential-natural person exemption.
(1) Any mortgage of real property shall be exempt from the special additional tax if each of the following conditions is met:
(i) the mortgagee is a natural person; and
(ii) the mortgaged premises consist of real property improved by a structure containing six residential dwelling units or less, each with separate cooking facilities.
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter IV - Sales And Use And Other Miscellaneous Taxes › Subchapter D - Mortgage Recording Taxes › Part 642 - Imposition Of Taxes › Section 642.4 - Imposition of the City of New York tax

Current through Register Vol. 46, No. 28, July 10, 2024
Tax Law, § 253-a, Administrative Code of the City of New
					 York, §§ 11-2601(d), 11-2601(e)
(a)
(1) In addition to the taxes imposed by
				  subdivisions 1, 1-a and 2 of section 253  of
				  the Tax Law, section 253-a  of the Tax Law authorizes the City
				  of New York to impose the City of New York tax upon the recording of each
				  mortgage on real property located in whole or in part within such city. Section
				  11-2601 of the Administrative Code of the City of New York imposes such
				  tax.
(2) The rate of tax for each
				  $100 and each remaining 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 is as follows:
(i)
				  Where the amount of such principal debt or obligation is less than $500,000 the
				  rate of tax is one dollar.
(ii)
				  Where the amount of such principal debt or obligation is $500,000 or more and
				  the mortgage is of real property consisting only of a one-, two- or
				  three-family house or an individual residential condominium unit the rate of
				  tax is one dollar and 12 1/2 cents. For purposes of determining whether the
				  mortgage is of real property consisting only of a one-, two- or three-family
				  house or an individual residential condominium unit, the nature of the property
				  as of the date that the mortgage is executed must be used.
(iii) Where the amount of such principal debt
				  or obligation is $500,000 or more and the mortgage is of real property which
				  consists of other than a one-, two- or three-family house or an individual
				  residential condominium unit the rate of tax is $1.75.
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter IV - Sales And Use And Other Miscellaneous Taxes › Subchapter D - Mortgage Recording Taxes › Part 642 - Imposition Of Taxes › Section 642.5 - Imposition of the City of Yonkers tax

Current through Register Vol. 46, No. 28, July 10, 2024
Tax Law, § 253-d, Code of the City of yonkers, §
					 92-123
(a) In addition to the taxes
				  imposed by subdivisions 1, 1-a and 2 of section 253  of
				  the Tax Law, and the tax authorized to be imposed by section 253-a  of the Tax Law, section 353-d of the
				  Tax Law authorizes the City of Yonkers to impose the City of Yonkers tax upon
				  the recording of each mortgage of real property located in whole or in part
				  within such city. Section 92-123 of the Code of the City of Yonkers imposes
				  such tax.
(b) The tax described in
				  this section is imposed at a rate of 50 cents for each $100 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 of the mortgage or at
				  any time thereafter.
(c) Except as
				  otherwise provided in these regulations, the City of Yonkers tax is
				  administered and collected in the same manner as the basic tax described in
				  section
				  642.1 
				  of this Part.
(d) Where real
				  peoperty covered by a mortgage subject to the tax described in this section is
				  situated in whole within New York State but partly within and without the City
				  of Yonkers, the amount of City of Yonkers tax due and payable upon the
				  recording of the mortgage shall be determined in a manner similar to that
				  described in section
				  642.2(d) 
				  of this Part.
(e) Where real
				  property covered by a mortgage subject to the tax described in this section is
				  situated both within the City of Yonkers and without New York State, the amount
				  of City of Yonkers tax due and payable shall be determined in a manner similar
				  to that described in Part 649 of this Title.
(f) The tax described in this section applies
				  to such mortgages recorded on and after September 1, 1993 through August 30,
				  1995.
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter IV - Sales And Use And Other Miscellaneous Taxes › Subchapter D - Mortgage Recording Taxes › Part 642 - Imposition Of Taxes › Section 642.6 - Imposition of the Broome County tax

Current through Register Vol. 46, No. 28, July 10, 2024
Tax law, § 253-e, Local Law INTRO. NO. 9, Adopted July 21,
					 1994
(a) In addition to the taxes
				  imposed by subdivisions 1, 1-a and 2 of section 253  of
				  the Tax Law, and the tax authorized to be imposed by section 253-a  of the Tax Law and section 253-d  of the Tax Law, section 253-e  of the Tax Law authorizes Broome
				  County to impose the Broome County tax upon the recording of each mortgage of
				  real property located in whole or in part within such County. Local Law INTRO.
				  NO. 9, adopted July 21, 1994, imposes such tax.
(b) The tax described in this section is
				  imposed at a rate of 25 cents for each $100 and each remaining fraction thereof
				  of principal debt or obligation which is, or under any contingency may be
				  secured at the date of the execution of the mortgage or at any time
				  thereafter.
(c) Except as otherwise
				  provided in these regulations, the Broome County tax is administered and
				  collected in the same manner as the basic tax described in section
				  642.1 
				  of this Part.
(d) Where real
				  property covered by a mortgage subject to the tax described in this section is
				  situated in whole within New York State but partly within and without Broome
				  County, the amount of Broome County tax due and payable upon the recording of
				  the mortgage shall be determined in a manner similar to that described in
				  section
				  642.2(d) 
				  of this Part.
(e) Where real
				  property covered by a mortgage subject to the tax described in this section is
				  situated both within Broome County and without New York State, the amount of
				  Broome County tax due and payable shall be determined in a manner similar to
				  that described in Part 649 of this Title.
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter IV - Sales And Use And Other Miscellaneous Taxes › Subchapter D - Mortgage Recording Taxes › Part 643 - Executory Contracts › Section 643.1 - Executory contracts as mortgages

Current through Register Vol. 46, No. 28, July 10, 2024
Tax Law, § 250
An executory contract for the sale of real property or both
					 real and personal property under which the purchaser has or is entitled to
					 possession of the real property prior to the delivery of a deed constitutes a
					 mortgage as the term "mortgage" is defined at section
					 641.6(a) 
					 of this Title, the recording of which is subject to the taxes described in Part
					 642 of this Title.
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter IV - Sales And Use And Other Miscellaneous Taxes › Subchapter D - Mortgage Recording Taxes › Part 643 - Executory Contracts › Section 643.2 - Computation of taxes due in the case of a taxable executory contract

Current through Register Vol. 46, No. 28, July 10, 2024
Tax Law, § 250
The principal debt or obligation which is used as the basis
					 for computing the taxes described in Part 642 of this Part is that portion of
					 the purchase price under the contract that remains unpaid as of the date that
					 the purchaser has or is entitled to possession of the real property under the
					 contract.
Example:
X Corporation entered into an executory contract to sell a
					 10-unit apartment building located in Flushing, Queens County, New York City to
					 Y for a purchase price of $600,000. On October 1, 1990 the contract was
					 executed and pursuant to its terms Y was required to make a $60,000 down
					 payment. The contract also provided that an additional payment of $100,000 was
					 required on December 1, 1990, at which time Y was entitled to possession of the
					 premises.
Y will be required to make 10 semi-annual payments over a
					 five year period to X Corporation to pay the remaining balance due under the
					 contract, with the final payment due on December 1, 1995. Upon receipt of the
					 final payment X Corporation will deliver a deed to the subject premises to
					 Y.
Since the executory contract between C Corporation and Y
					 grants the purchaser possession of the real property prior to the delivery of
					 the deed, such contract is a mortgage, the recording of which is subject to
					 tax.
The taxes due upon the recording of this contract are
					 computed as follows:
Purchase price under the contract
$600,000
Less: Downpayment - October 1, 1990
$ 60,000
Additional payment - December 1, 1990
$100,000
Total Subtractions
$160,000
Total amount remaining unpaid at the time Y is
								entitled to possession -
December 1, 1990
$440,000
Basic tax due (($440,000 ÷ $100) × $.50)
$ 2,200
Additional tax (($440,000 ÷ $100) × $.25)
$ 1,100
Special additional tax due (($440,000 ÷ $100) ×
								$.25)
$ 1,100
New York City tax due @ $1.00 rate (($440,000 ÷ $100)
								× $1.00)
$ 4,400
Total taxes due
$ 8,800
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter IV - Sales And Use And Other Miscellaneous Taxes › Subchapter D - Mortgage Recording Taxes › Part 644 - Exemptions › Section 644.1 - Exemptions

Current through Register Vol. 46, No. 28, July 10, 2024
Tax Law, §§ 252, 252-a, 253.3, Public Health Law, Private
					 Housing Finance Law, Not-For-Profit Corporation Law, Banking Law, Real Property
					 Law, Arts and Cultural Affairs Law, Mental Hygiene Law
(a) The recording of the following mortgages
				  involving the State or the Federal Government is exempt from the taxes
				  described in Part 642 of this Title:
(1)
				  mortgages where the mortgagor or mortgagee in New York State or any of its
				  agencies, instrumentalities or political subdivisions, to the extent immune
				  from such taxation (
Matter of City of New York v. Tully
,
				  88AD2d 701, lv to app den 57 NY 2d 606); and
(2) mortgages where the mortgagor or
				  mortgagee is the United States of America or any of its agencies or
				  instrumentalities, to the extent immune from such taxes (
Pittman v.
				  Home Owners Loan Corporation
, 308 US 21).
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter IV - Sales And Use And Other Miscellaneous Taxes › Subchapter D - Mortgage Recording Taxes › Part 645 - Supplemental Mortgages › Section 645.1 - Supplemental mortgages

Current through Register Vol. 46, No. 28, July 10, 2024
Tax Law, § 255
(a)
				  A supplemental mortgage is an additional instrument or mortgage which is
				  recorded subsequent to the recording and prior to the discharge or satisfaction
				  of a prior primary mortgage on which all taxes, if any, accrued under article
				  11 of the Tax Law have been paid, the terms of which make reference to the
				  prior recorded primary mortgage, and which is given and recorded:
(1) for the purpose of correcting or
				  perfecting such prior recorded primary mortgage;
(2) pursuant to some provision or covenant in
				  such prior recorded primary mortgage;
(3) for the purpose of providing additional
				  or further security for the payment of the principal debt or obligation secured
				  by the prior recorded primary mortgage by spreading the lien of the prior
				  recorded primary mortgage to additional real property or by imposing a new lien
				  on such additional real property (see section
				  645.2[c],
				  [d], [e] or [f]  of this Part); or
(4) for the purpose of coordinating or
				  consolidating the liens of prior recorded primary mortgages to form a single
				  and coordinate equal lien; or
(5)
				  for the purpose of modifying a prior recorded primary mortgage, for reasons
				  including but not limited to the following:
(i) adjusting the term for the payment of the
				  debt secured by the prior recorded primary mortgage;
(ii) changing the interest rate on the debt
				  secured by the prior recorded primary mortgage;
(iii) substituting a new mortgagor for the
				  mortgagor;
(iv) substituting a new
				  mortgagee for the mortgagee due to an assignment of the mortgage;
(v) evidencing a change in the amount of debt
				  or obligation which is secured or which under any contingency may be secured by
				  the prior recorded primary mortgage; or
(6) for the purpose of severing the lien(s)
				  of a prior recorded primary mortgage or mortgages into separate
				  liens.
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter IV - Sales And Use And Other Miscellaneous Taxes › Subchapter D - Mortgage Recording Taxes › Part 645 - Supplemental Mortgages › Section 645.3 - Claiming exemption upon recording of a supplemental mortgage

Current through Register Vol. 46, No. 28, July 10, 2024
Tax Law, § 255
(a)
				  Where an exemption from the mortgage recording taxes is claimed upon the
				  recording of a supplemental mortgage, an affidavit made in duplicate must be
				  filed, at the time of recording the supplemental mortgage. The affidavit shall
				  be made by the mortgagor, the mortgagee, or any other person who has knowledge
				  of the facts, and such affidavit shall set forth the basis upon which the
				  exemption is claimed. The affidavit must contain the following information:
(1) the names of the mortgagor(s) and
				  mortgagee(s);
(2) the date that the
				  prior recorded primary mortgage(s) was or were executed and recorded;
(3) the liber and the page number where such
				  prior recorded primary mortgage(s) was or were recorded;
(4) the amount of the principal debt or
				  obligation secured or which under any contingency could have been secured by
				  the prior recorded primary mortgage(s) as of the date of its/their
				  execution;
(5) the total amount of
				  mortgage recording taxes paid when the prior recorded primary mortgage(s) was
				  or were recorded;
(6) the remaining
				  principal balance of the prior recorded primary mortgage(s) as of the date that
				  the supplemental mortgage is executed;
(7) an adequate description of the
				  supplemental mortgage including the reason(s) why such instrument constitutes a
				  supplemental mortgage and the principal debt or obligation secured
				  thereby;
(8) a statement setting
				  forth the amount, if any, of further indebtedness or obligation other than the
				  unpaid balance of the principal indebtedness or obligation secured by or which
				  under any contingency may be secured by the prior recorded primary mortgage(s)
				  as determined and described at subdivision (b) of section
				  645.2 
				  of this Part;
(9) a statement
				  setting forth the amount, if any, of any "new funds" advanced or readvanced as
				  defined in section
				  641.9  of this
				  Title; and
(10) a statement setting
				  forth the maximum principal debt or obligation which is or which may be secured
				  under any contingency by the supplemental mortgage.
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter IV - Sales And Use And Other Miscellaneous Taxes › Subchapter D - Mortgage Recording Taxes › Part 646 - Trust Mortgages › Section 646.1 - Trust mortgage defined

Current through Register Vol. 46, No. 28, July 10, 2024
Tax Law, § 259
(a)
Trust mortgage
means a mortgage given by a corporation to a
				  trustee to secure payment of bonds or obligations issued or to be issued by
				  such corporation.
(b) The bonds or
				  obligations secured by the trust mortgage may be issued prior to or after the
				  mortgage has been presented for recording.
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter IV - Sales And Use And Other Miscellaneous Taxes › Subchapter D - Mortgage Recording Taxes › Part 646 - Trust Mortgages › Section 646.2 - Computation of tax

Current through Register Vol. 46, No. 28, July 10, 2024
Tax Law, § 259
(a)
				  If bonds or obligations secured by a trust mortgage have been issued prior to
				  or simultaneously with the recording of the mortgage and the amount of the
				  bonds or obligations are less than the maximum amount secured or which under
				  any contingency may be secured by the trust mortgage, the mortgage may contain
				  a statement of the amount advanced or secured by the mortgage as of the date of
				  recording the mortgage and the mortgage recording taxes payable at recording
				  will be computed only upon the amount so stated to have been advanced or
				  secured.
(b) Where a statement of
				  the amount advanced or secured by a trust mortgage is contained in the mortgage
				  and the tax is computed on such stated amount, the statement shall be at all
				  times binding upon and conclusive against the mortgagee, the holders of any
				  bonds or obligations secured by the mortgage and all persons claiming through
				  the mortgagee any interest in the mortgage or in the mortgaged
				  premises.
(c) If a trust mortgage
				  covers property both within and without the State, the taxable portion of the
				  original advance and any subsequent advances as discussed in section
				  646.3 
				  of this Part are determined in accordance with Part 649 of this
				  Title.
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter IV - Sales And Use And Other Miscellaneous Taxes › Subchapter D - Mortgage Recording Taxes › Part 646 - Trust Mortgages › Section 646.3 - Advances under a trust mortgage

Current through Register Vol. 46, No. 28, July 10, 2024
Tax Law, § 259
(a)
				  Whenever a further amount is to be advanced or to become secured by a trust
				  mortgage, the applicable mortgage recording taxes as described in Part 642 of
				  this Title are imposed based on such amount.
(b) The certification of any bond or bonds by
				  the trust mortgagee are deemed an advance under article 11 of the Tax
				  Law.
(c) The mortgage recording
				  taxes imposed on the further amounts to be advanced or to become secured by a
				  trust mortgage must be paid at or before the time the advance is
				  made.
(d) The mortgagor must, at
				  the time of paying the appropriate mortgage recording taxes on a further
				  advance, file in the office of the recording officer of the county where the
				  mortgage is first recorded and with the commissioner, a verified statement of
				  the amount to be so advanced or to become secured. The verified statement must
				  be made by the secretary, treasurer or other proper officer of the
				  mortgagor.
(e) The recording
				  officer to whom the taxes are paid shall endorse the receipt of such tax
				  payment upon the mortgage and note the payment on the margin of the record in
				  the book where the mortgage is recorded or note the payment in some other
				  manner which would provide a public record of such payment. Upon request the
				  recording officer must issue a duplicate receipt for the tax payment to the
				  party paying the tax.
(f) If the
				  appropriate taxes are not duly paid on the further amounts to be advanced or to
				  become secured by a trust mortgage, the trust mortgagee shall not certify any
				  bonds or obligations evidencing such further amounts under the
				  mortgage.
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter IV - Sales And Use And Other Miscellaneous Taxes › Subchapter D - Mortgage Recording Taxes › Part 646 - Trust Mortgages › Section 646.4 - Annual statement

Current through Register Vol. 46, No. 28, July 10, 2024
Tax Law, § 259
(a)
				  The mortgagor or the owner of the property which secures the mortgage debt is
				  required to file within 30 days after July 1st of each year an annual statement
				  with the recording officer of the county where the mortgage is first recorded
				  and with the commissioner.
(b) The
				  statement shall be filed annually until it appears therefrom that the maximum
				  amount secured by the trust mortgage has been advanced and the taxes thereon
				  have been paid.
(c) The statement,
				  verified by the secretary, treasurer or other proper officer of the mortgagee,
				  shall contain the following information:
(1)
				  the names of the mortgagor and the mortgagee;
(2) the date of the mortgage and the county
				  where first recorded;
(3) the
				  maximum amount of principal debt or obligation which under any contingency may
				  be secured by such mortgage; and
(4) the amounts advanced on such mortgage
				  during the year ending the preceeding June 30th, with the date and amount of
				  each such advance.
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter IV - Sales And Use And Other Miscellaneous Taxes › Subchapter D - Mortgage Recording Taxes › Part 647 - Credit Line Mortgage › Section 647.1 - Credit line mortgage

Current through Register Vol. 46, No. 28, July 10, 2024
Tax Law, § 253-b
When a credit line mortgage, as defined in section
					 641.10 
					 of this Title, is recorded, the taxes described in Part 642 of this Title which
					 are imposed or authorized to be imposed pursuant to article 11 of the Tax Law,
					 shall be based upon the maximum principal amount which is, or under any
					 contingency may be, secured by such mortgage at the date of execution or any
					 time thereafter.
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter IV - Sales And Use And Other Miscellaneous Taxes › Subchapter D - Mortgage Recording Taxes › Part 647 - Credit Line Mortgage › Section 647.2 - Effect of increasing the maximum principal amount secured by a credit line mortgage

Current through Register Vol. 46, No. 28, July 10, 2024
Tax Law, § 253-b
If the maximum principal amount upon which the taxes
					 computed pursuant to section
					 647.1  of
					 this Part is increased, further taxes are payable at the time an instrument
					 evidencing such increase is recorded. Such further taxes shall be computed in
					 accordance with the provisions of section
					 647.1  of
					 this Part but only upon the amount of such increase in maximum principal amount
					 plus the amount of any new funds, if any, as defined in section
					 641.9  of this
					 Title.
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter IV - Sales And Use And Other Miscellaneous Taxes › Subchapter D - Mortgage Recording Taxes › Part 647 - Credit Line Mortgage › Section 647.3 - Advances and readvances under a credit line mortgage

Current through Register Vol. 46, No. 28, July 10, 2024
Tax Law, §§ 250, 253-b
Except as provided in section
					 647.4 
					 of this Part, whenever the aggregate amount advanced or readvanced under a
					 credit line mortgage exceeds the maximum principal amount which was used to
					 compute the taxes described in Part 642 of this Title when such credit line
					 mortgage was recorded, further taxes must be paid upon the recording or filing
					 of an instrument evidencing such amounts advanced or readvanced. Such further
					 taxes are computed based upon the amount advanced or
					 readvanced.
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter IV - Sales And Use And Other Miscellaneous Taxes › Subchapter D - Mortgage Recording Taxes › Part 647 - Credit Line Mortgage › Section 647.4 - Exceptions from the imposition of taxes upon the recording of an instrument evidencing an advance or readvance under a credit line mortgage

Current through Register Vol. 46, No. 28, July 10, 2024
Tax Law, § 253-b
When the proper amount of taxes has been paid on the
					 recording of a credit line mortgage on real property improved or to be improved
					 by a one- to six-family owner-occupied residence or dwelling or on other real
					 property where the credit line mortgage secures a maximum principal debt of
					 less than $3 million, as provided in sections
					 647.1 and
					 647.2 
					 of this Part, no further taxes are payable on the making of advances or
					 readvances pursuant to such recorded credit line mortgage, or on the recording
					 or filing of an instrument evidencing such advances or readvances, regardless
					 of the cumulative total of advances and readvances thereunder, provided the
					 advances and readvances are made to the original obligor (borrower) or to one
					 or more of the original obligors named in the recorded primary credit line
					 mortgage. For purposes of determining whether a credit line mortgage secures a
					 maximum principal indebtedness of less than $3 million, two or more mortgages
					 shall be treated as a single mortgage (and the amounts of the maximum principal
					 debts secured by the mortgages shall be aggregated) where the mortgages form
					 part of the same or related transactions and have the same or related
					 mortgagors, determined in the manner prescribed by section 253-a (2)  of the Tax Law
					 and section
					 642.4(c) 
					 of this Title.
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter IV - Sales And Use And Other Miscellaneous Taxes › Subchapter D - Mortgage Recording Taxes › Part 647 - Credit Line Mortgage › Section 647.5 - Sale or transfer of real property subject to the lien of a credit line mortgage

Current through Register Vol. 46, No. 28, July 10, 2024
Tax Law, § 253-b
(a)
(1)
				  Except as otherwise provided in paragraph (2) of this subdivision, when real
				  property encumbered by the lien of a credit line mortgage described in section
				  647.4 
				  of this Part is sold or transferred and the lien of the credit line mortgage
				  remains outstanding and is not to be satisfied as a result of the sale or
				  transfer, the taxes described in Part 642 of this Title are imposed upon the
				  recording of an instrument evidencing such a sale or transfer. The measure of
				  the tax is the maximum principal amount specified in the credit line mortgage
				  on the date when the instrument evidencing the sale or transfer is recorded, as
				  such amount may have been increased or decreased by any instrument recorded
				  evidencing such increase or decrease in the maximum principal amount specified
				  in the credit line mortgage.
(2)
				  The taxes described in paragraph (1) of this subdivision are not imposed upon
				  the recording of an instrument evidencing any of the following transfers:
(i) a transfer of other than a fee simple
				  interest;
(ii) a transfer of a fee
				  simple interest to a person or persons who held a fee simple interest in the
				  real property immediately prior to the transfer;
(iii) a transfer of a fee simple interest to
				  a person or persons related by blood, marriage or adoption to the original
				  obligor or to one or more of the original obligors (hereinafter "a related
				  person"); or to any person or entity where 50 percent or more of the beneficial
				  interest in such real property after the transfer is held by the transferor or
				  such related person or persons (as in the case of a transfer to a trustee for
				  the benefit of a minor or the transfer to a trust for the benefit of the
				  transferor); and
(iv) a transfer to
				  a trustee in bankruptcy, a receiver, assignee or other officer of a court;
				  provided, however, that a subsequent transfer of real property subject to a
				  credit line mortgage by any individual specified in this subparagraph is
				  subject to tax as described in paragraph (1) of this subdivision upon the
				  recording of the instrument evidencing the transfer unless such subsequent
				  transfer is exempt under some other paragraph of this subdivision or such
				  recording is exempt under some other provision of article 11 of the Tax Law or
				  these regulations.
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter IV - Sales And Use And Other Miscellaneous Taxes › Subchapter D - Mortgage Recording Taxes › Part 647 - Credit Line Mortgage › Section 647.6 - Sale or transfer of real property not subject to the lien of a credit line mortgage

Current through Register Vol. 46, No. 28, July 10, 2024
(a) In
				  the case of the sale or transfer of real property not subject to the lien of a
				  credit line mortgage or where the lien of such a mortgage is not to remain
				  outstanding, all instruments evidencing such sale or transfer may be recorded,
				  provided a statement is made that:
(1) a
				  certificate of discharge of the credit line mortgage is being offered at the
				  time of recording of the deed;
(2)
				  a check has been drawn payable for transmission to the credit line mortgagee or
				  his agent for the balance due and a satisfaction of such mortgage will be
				  recorded as soon as it is available; or
(3) there is no existing credit line
				  mortgage.
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter IV - Sales And Use And Other Miscellaneous Taxes › Subchapter D - Mortgage Recording Taxes › Part 648 - Mortgages For Indefinite Amounts › Section 648.3 - Payment of tax after mortgage for an indefinite amount is recorded

Current through Register Vol. 46, No. 28, July 10, 2024
Tax Law, § 256
(a)
				  If for any reason the payment of the taxes described in Part 642 of this Title
				  is first tendered after such a mortgage has been recorded, the amount of taxes
				  due must be computed based upon the higher of:
(1) the fair market value of the mortgaged
				  property on the date that the mortgage was executed; or
(2) the portion of the amount secured by the
				  mortgage on the date that the mortgage was executed which is determinable by
				  the terms of the mortgage;
unless the commissioner grants an order authorizing the use
					 of a sworn statement of maximum amount, as described in subdivision (b) of this
					 section. Provided, however, in no event shall such maximum amount set forth in
					 such statement be less than the amount described in paragraph (2) of this
					 subdivision.
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter IV - Sales And Use And Other Miscellaneous Taxes › Subchapter D - Mortgage Recording Taxes › Part 649 - Taxes On Mortgages On Property Situated Partly Within And Partly Without The State › Section 649.1 - Apportionment of principal debt or obligation

Current through Register Vol. 46, No. 28, July 10, 2024
Tax Law, § 260
(a)
				  Where a mortgage covers real property located partly within and partly without
				  the State, the taxes described in Part 642 of this Title are determined based
				  on an apportionment of the principal debt or obligation which is,or under any
				  contingency may be secured at the date of the execution of the mortgage or at
				  any time thereafter. The apportionment is made by multiplying such principal
				  debt obligation by a fraction, the numerator of which is the net value of the
				  mortgaged property located within this State, and the denominator of which is
				  the net value of the mortgaged property located within and without the State.
				  For the purpose of this subdivision, net value of the mortgaged property shall
				  mean such property's fair market value less the unpaid amount of any prior
				  existing mortgage liens that remain on the property subsequent to the execution
				  of such mortgage.
Example:
Mr. Smith borrows $100,000 from Bank X, and gives the bank
					 a mortgage on two commercially improved parcels. One of the parcels is located
					 in Albany, New York and the other is located in Paterson New Jersey. The parcel
					 located in Albany has a fair market value of $400,000, and has a prior existing
					 mortgage lien totaling $33,000, which remains on the parcel after execution of
					 the mortgage and which represents an amount owed to Bank Z. The parcel located
					 in Paterson has a fair market value of $200,000, and has no prior existing
					 mortgage liens. Therefore, the net value of the Albany parcel is $367,000
					 ($400,000 - $33,000) and the net value of both parcels is $567,000 ($367,000 +
					 $200,000). The portion of the $100,000 debt secured by the mortgage subject to
					 the taxes described in Part 642 of these regulations is computed as follows:
Net value of Albany parcel
$367,000
×
					 $100,000 = $64,727
Net value of both parcels 567,000
Accordingly, $64,700 ($64,727 rounded to the nearest $100)
					 would be the amount used to compute the mortgage recording taxes.
(b) In determining the separate
				  net values of the mortgaged property located within and without this State, the
				  commissioner shall consider only tangible property, both real property and
				  personal property, except that leases of real property shall be deemed to be
				  tangible property.
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter IV - Sales And Use And Other Miscellaneous Taxes › Subchapter D - Mortgage Recording Taxes › Part 649 - Taxes On Mortgages On Property Situated Partly Within And Partly Without The State › Section 649.2 - Procedures for recording

Current through Register Vol. 46, No. 28, July 10, 2024
Tax Law, § 260
(a)
				  A request for an order of determination and apportionment may be made prior to
				  recording a mortgage covering real property situated partly within and partly
				  without the State. After receiving such a request and the required
				  documentation, the commissioner shall issue to the mortgagor, the mortgagee and
				  the State Comptroller an order of determination and apportionment which will
				  state the portion of the principal debt or obligation secured by the mortgage
				  which is subject to the taxes described in Part 642 of this Title. The mortgage
				  may then be recorded and the tax paid based on such amount.
(b) When making a request for an order of
				  determination and apportionment prior to the recording of the mortgage, the
				  following documentation must be sent to the commissioner:
(1) a copy of the mortgage;
(2) book values and appraised values of the
				  property covered by the mortgage, separated into the following categories:
(i) real property in the State
(ii) real property outside the
				  State;
(iii) tangible personal
				  property located in the State; and
(iv) tangible personal property located
				  outside State;
(3)
				  assessed values of the real property located within the State by tax district
				  as the same appears on the assessment rolls most recent to the date of
				  recording the mortgage;
(4) a brief
				  description of each parcel of real property, including the page of the mortgage
				  where described; and
(5) a
				  statement of all prior encumbrances upon the property covered by the mortgage,
				  including a description of each encumbrance, and the amount
				  outstanding.
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter IV - Sales And Use And Other Miscellaneous Taxes › Subchapter D - Mortgage Recording Taxes › Part 650 - Taxes On Instruments Not Recorded › Section 650.1 - Payment of taxes on instruments not entitled to be recorded

Current through Register Vol. 46, No. 28, July 10, 2024
Tax Law, § 258-a
(a) An instrument subject to the taxes
				  described in Part 642 of this Title, but which is not entitled to be recorded,
				  may nevertheless be presented to the recording officer of the county in which
				  the real property or any part thereof affected by such instrument is situated
				  and the taxes described in Part 642 of this Title may be paid to such recording
				  officer.
(b) When an instrument
				  subject to the taxes described in Part 642 of this Title, but not entitled to
				  be recorded, is presented to the recording officer of the county in which the
				  real property or any part thereof affected by such instrument is situated and
				  the appropriate taxes are paid to such recording officer, the recording officer
				  shall:
(1) indorse upon the instrument a
				  receipt of the amount of taxes so paid; and
(2) keep a copy of the instrument among the
				  mortgage recording tax records maintained by such recording officer.