N.Y.
Tax Law Section 252
Exemptions
(1)
No mortgage of real property situated within this state shall be exempt, and no person or corporation owning any debt or obligation secured by mortgage of real property situated within this state shall be exempt, from the taxes imposed by this article by reason of anything contained in any other statute, except as provided in Real Property Law § 339-EE (Effect of other laws)section three hundred thirty-nine-ee of the real property law, or by reason of any provision in any private act or charter which is subject to amendment or repeal by the legislature, or by reason of non-residence within this state or for any other cause, except that mortgages of real property situated within this state transferred, assigned or made to Home Owners’ Loan Corporation, a corporation created under an act of congress, known as home owners’ loan act of nineteen hundred and thirty-three, or to a agricultural credit association or federal home loan bank, shall be exempt, and said corporation or institution owning any debt or obligation secured by mortgage of real property situated within this state, shall be exempt from the taxes imposed by this article and except that mortgages of real property situated within this state executed, given or made prior to June first, nineteen hundred thirty-four by any public benefit corporation created under the laws of this state for the purpose of maintaining and operating a public park and public recreation center shall be exempt, and any person or corporation owning any debt or obligation of any such public benefit corporation secured by such a mortgage of its real property situated within this state, shall be exempt from the taxes imposed by this article, and except that mortgages of real property situated within this state which are executed, given or made subsequent to June seventh, nineteen hundred thirty-four and which are substituted for other mortgages as a part of and in compliance with a plan of reorganization pursuant to the provisions of section seventy-seven-b of the federal bankruptcy act, are and shall be exempt from taxes imposed by this article to an amount not exceeding the amount of such mortgage indebtedness outstanding at the time of the consummation of such reorganization, and any person or corporation owning any debt or obligation secured by such a mortgage of real property situated within this state is and shall be exempt from the taxes imposed by this article, and except that mortgages of real property situated within this state which are executed, given or made by a railroad redevelopment corporation during the first nine years of its existence as such are and shall be exempt from the taxes imposed by this article and any person or corporation owning any debt or obligation secured by such a mortgage of real property situated within this state is and shall be exempt from the taxes imposed by this article.(2)
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 paragraph (a) of subdivision two of § 253 (Recording tax)section two hundred fifty-three of this article. For the purposes of this subdivision the term “financial assistance” shall have the same meaning as defined in General Municipal Law § 854 (Definitions)section eight hundred fifty-four of the general municipal law.
Source:
Section 252 — Exemptions, https://www.nysenate.gov/legislation/laws/TAX/252 (updated Jul. 7, 2017; accessed Dec. 21, 2024).
