N.Y. Tax Law § 252-A — Other exemptions

§ 252-a. Other exemptions. 1. Mortgages of real property given to\nsecure obligations incurred and given pursuant to the provisions of\nsection six-a of the banking law shall be exempt from any tax or fee\nimposed by this article.\n 2. Reverse mortgages conforming to the provisions of section two\nhundred eighty or two hundred eighty-a of the real property law securing\nobligations of mortgagors or exempted therefrom pursuant to subdivision\nfour of section two hundred eighty or subdivision four of section two\nhundred eighty-a of the real property law shall be exempt from any tax\nor fee imposed by this article. In each case where an exemption is\nclaimed under this subdivision, the lender shall provide documentation\nin a format approved by the commissioner of taxation and finance to\nenable recording officers to affirmatively determine when a mortgage\nbeing presented for recording is a reverse mortgage conforming to such\nprovisions of the real property law and entitled to an exemption under\nthis subdivision. Where such documentation is not furnished, the maximum\nprincipal debt or obligation which shall be the measure of the tax\nimposed by and pursuant to the authority of this article in the case of\na reverse mortgage shall be the proceeds of the loan which the\nauthorized lender is obligated to lend the borrower at the execution of\nsuch mortgage or at any time thereafter but determined without regard to\nany contingency relating to the addition of any unpaid interest to\nprincipal or relating to any percentage of the future appreciation of\nthe property securing the loan as consideration or additional\nconsideration for the making of the loan. Provided, however, if\nsubsequent to the recording of such mortgage, the proceeds which the\nauthorized lender is obligated to lend the borrower are increased at any\ntime, such new or further indebtedness or obligation shall be the\nmeasure of the tax at such time unless at that time an exemption is\napplicable under the first sentence of this subdivision or otherwise.\n