New York Tax Law (Consolidated Laws)
N.Y. Tax Law § 252-A
Other exemptions
§ 252-a. Other exemptions.
# 1.
Mortgages of real property given to secure obligations incurred and given pursuant to the provisions of section six-a of the banking law shall be exempt from any tax or fee imposed by this article.
# 2.
Reverse mortgages conforming to the provisions of section two hundred eighty or two hundred eighty-a of the real property law securing obligations of mortgagors or exempted therefrom pursuant to subdivision four of section two hundred eighty or subdivision four of section two hundred eighty-a of the real property law shall be exempt from any tax or fee imposed by this article. In each case where an exemption is claimed under this subdivision, the lender shall provide documentation in a format approved by the commissioner of taxation and finance to enable recording officers to affirmatively determine when a mortgage being presented for recording is a reverse mortgage conforming to such provisions of the real property law and entitled to an exemption under this subdivision. Where such documentation is not furnished, the maximum principal debt or obligation which shall be the measure of the tax imposed by and pursuant to the authority of this article in the case of a reverse mortgage shall be the proceeds of the loan which the authorized lender is obligated to lend the borrower at the execution of such mortgage or at any time thereafter but determined without regard to any contingency relating to the addition of any unpaid interest to principal or relating to any percentage of the future appreciation of the property securing the loan as consideration or additional consideration for the making of the loan. Provided, however, if subsequent to the recording of such mortgage, the proceeds which the authorized lender is obligated to lend the borrower are increased at any time, such new or further indebtedness or obligation shall be the measure of the tax at such time unless at that time an exemption is applicable under the first sentence of this subdivision or otherwise.
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In this article (40 sections)
- 250 · Definitions
- 251 · Procedure for review
- 252 · Exemptions
- 252-A · Other exemptions
- 253 · Recording tax
- 253-A · Recording tax by a city of one million or more
- 253-B · Credit line mortgage
- 253-C · Recording tax imposed by the county of Nassau
- 253-D · Recording tax imposed by the city of Yonkers
- 253-E · Recording tax imposed by the county of Broome
- 253-F · Recording tax imposed by the county of Rockland
- 253-G · Recording tax imposed by the county of Westchester
- 253-H · Recording tax imposed by the county of Lewis
- 253-I · Recording tax imposed by the county of Columbia
- 253-J · Recording tax imposed by the county of Sullivan
- 253-J*2 · Recording tax imposed by the county of Hamilton
- 253-J*3 · Recording tax imposed by the county of Essex
- 253-J*4 · Recording tax imposed by the county of Schoharie
- 253-K · Recording tax imposed by the county of Genesee
- 253-L · Recording tax imposed by the county of Rensselaer
- 253-M · Recording tax imposed by the county of Wayne
- 253-N · Recording tax imposed by the county of Wyoming
- 253-O · Recording tax imposed by the county of Chautauqua
- 253-P · Recording tax imposed by the county of Albany
- 253-R · Recording tax imposed by the county of Schenectady
- 253-S · Recording tax imposed by the county of Steuben
- 253-T · Recording tax imposed by the county of Yates
- 253-U · Recording tax imposed by the county of Herkimer
- 253-V · Recording tax imposed by the county of Cortland
- 253-W · Recording tax imposed by the county of Warren
- 253-X · Recording tax imposed by the county of Cattaraugus
- 253-X*2 · Recording tax imposed by the county of Greene
- 253-Y · Recording tax imposed by the county of Madison
- 253-Y*2 · Recording tax imposed by the county of Livingston
- 253-Y*3 · Recording tax imposed by the county of Washington
- 253-Z · Recording tax imposed by the county of Otsego
- 253-Z*2 · Recording tax imposed by the county of Chenango
- 254 · Optional tax on prior mortgages
- 255 · Supplemental mortgages
- 256 · Mortgages for indefinite amounts or for contract obligations