N.Y. Tax Law § 253-C — Recording tax imposed by the county of Nassau

§ 253-c. Recording tax imposed by the county of Nassau. 1. Nassau\ncounty, acting through its local legislative body, is hereby authorized\nand empowered to adopt and amend local laws imposing in any such county\nduring the period beginning September first, nineteen hundred ninety-two\nand ending the earlier of August thirty-first, nineteen hundred\nninety-eight or the last day of the month next succeeding the month in\nwhich the commissioner of taxation and finance receives notice of\nsufficient revenues pursuant to paragraph (b) of subdivision five of\nthis section, a tax of one dollar for each one hundred dollars and each\nremaining major fraction thereof of principal debt or obligation which\nis or under any contingency may be secured at the date of execution\nthereof, or at any time thereafter, by a mortgage on real property\nsituated within such county and recorded on or after the date upon which\nsuch tax takes effect and a tax of one dollar on such mortgage if the\nprincipal debt or obligation which is or by any contingency may be\nsecured by such mortgage is less than one hundred dollars.\n 2. The taxes imposed under the authority of this section shall be\nadministered and collected in the same manner as the taxes imposed under\nsubdivision one of section two hundred fifty-three and paragraph (b) of\nsubdivision one of section two hundred fifty-five of this chapter.\nExcept as otherwise provided in this section, all the provisions of this\narticle relating to or applicable to the administration and collection\nof the taxes imposed by such subdivisions shall apply to the taxes\nimposed under the authority of this section with such modifications as\nmay be necessary to adapt such language to the tax so authorized. Such\nprovisions shall apply with the same force and effect as if those\nprovisions had been set forth in full in this section except to the\nextent that any provision is either inconsistent with a provision of\nthis section or not relevant to the tax authorized by this section. For\npurposes of this section, any reference in this article to the tax or\ntaxes imposed by this article shall be deemed to refer to a tax imposed\npursuant to this section, and any reference to the phrase "within this\nstate" shall be read as "within Nassau county", unless a different\nmeaning is clearly required.\n 3. Where the real property covered by the mortgage subject to the tax\nimposed pursuant to the authority of this section is situated in this\nstate but within and without a county imposing such tax, the amount of\nsuch tax due and payable to such county shall be determined in a manner\nsimilar to that prescribed in the first paragraph of section two hundred\nsixty of this chapter which concerns real property situated in two or\nmore counties. Where such property is situated both within such county\nand without the state, the amount due and payable to such county shall\nbe determined in the manner prescribed in the second paragraph of such\nsection two hundred sixty which concerns property situated within and\nwithout the state. Where real property is situated within and without\nthe county imposing such tax, the recording officer of the jurisdiction\nin which the mortgage is first recorded shall be required to collect the\ntaxes imposed pursuant to this section.\n 4. A tax imposed pursuant to the authority of this section shall be in\naddition to the taxes imposed by section two hundred fifty-three.\n 5. (a) Notwithstanding any provision of this article to the contrary,\nthe balance of all moneys paid to the recording officer of the county of\nNassau during each month upon account of the tax imposed pursuant to the\nauthority of this section, after deducting the necessary expenses of his\noffice as provided in section two hundred sixty-two of this chapter,\nexcept taxes paid upon mortgages which under the provisions of this\nsection or section two hundred sixty of this chapter are first to be\napportioned by the commissioner of taxation and finance, shall be paid\nover by such officer on or before the tenth day of each succeeding month\nto the county treasurer of Nassau county and, after the deduction by\nsuch county treasurer of the necessary expenses of his or her office\nprovided in section two hundred sixty-two of this chapter shall: (i) if\npaid to such recording officer during the first sixteen months of\nimposition of such tax, be deposited in the general fund of such county\nfor expenditure on county purposes; (ii) if so paid at any time\nthereafter, be deposited in a special fund, to be designated the Nassau\ncounty deficit bond fund, to be created by the county of Nassau separate\nand apart from any other funds and accounts of the county.\nNotwithstanding the provisions of the preceding sentence, the tax so\nimposed and paid upon mortgages covering real property situated in two\nor more counties, which under the provisions of this section or section\ntwo hundred sixty of this chapter are first to be apportioned by the\ncommissioner of taxation and finance, shall be paid over by the\nrecording officer receiving the same as provided by the determination of\nsaid commissioner.\n (b) Except as otherwise provided in this section, moneys in the Nassau\ncounty bond deficit fund may be appropriated from and transferred to or\nexpended in any fiscal year only for the purpose of payment of the\nprincipal of and interest on bonds and notes authorized by a chapter of\nthe laws of nineteen hundred ninety-two, entitled "AN ACT authorizing\nthe county of Nassau to issue serial bonds and/or bond anticipation\nnotes for the purpose of liquidating deficits in the county's general\nfund and to amend the tax law, in relation to authorizing the county of\nNassau to impose a county recording tax on obligations secured by a\nmortgage on real property; to amend the county government law of Nassau\ncounty (Nassau County Charter) and the Nassau county administrative\ncode, in relation to the imposition of an exigency tax". When the amount\nof moneys in such fund is sufficient to pay all future debt service on\nsuch notes and bonds, the comptroller of the county of Nassau shall so\nnotify the commissioner of taxation and finance by certified mail. When\nno such bonds or notes remain outstanding, such fund shall terminate and\nmoneys remaining therein shall be deposited in the general fund of such\ncounty for expenditure on county purposes.\n 6. Any local law imposing a tax pursuant to the authority of this\nsection or repealing or suspending such a tax shall take effect only on\nthe first day of a calendar month or in September of nineteen hundred\nninety-two on the sixth, thirteenth, twentieth or twenty-seventh day of\nsuch month. Such a local law shall not be effective unless a certified\ncopy thereof is mailed by registered or certified mail to the\ncommissioner of taxation and finance at the commissioner's office in\nAlbany at least thirty days prior to the date the local law shall take\neffect.\n 7. Certified copies of any local law described in this section shall\nalso be filed with the county clerk, the secretary of state and the\nstate comptroller within five days after the date it is duly enacted.\n