N.Y. Tax Law Section 252-A
Other exemptions


1.

Mortgages of real property given to secure obligations incurred and given pursuant to the provisions of Banking Law § 6-A (Investment in obligations of certain persons sixty-five years of age or over incurred to satisfy real property tax indebtedness)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.

Source: Section 252-A — Other exemptions, https://www.­nysenate.­gov/legislation/laws/TAX/252-A (updated Sep. 22, 2014; accessed Dec. 21, 2024).

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
257
Payment of taxes
257‑A
Refund of mortgage taxes after rescission of certain credit transactions
258
Effect of nonpayment of taxes
258‑A
Payment of tax on instruments not recorded
259
Trust mortgages
260
Determination and apportionment by the state tax commission
261
Payment over and distribution of taxes
262
Expenses of officers
263
Supervisory power of commissioner of taxation and finance and comptroller
264
Tax on prior advance mortgages
265
Tax a lien
266
Enforcement
267
Idem

Accessed:
Dec. 21, 2024

Last modified:
Sep. 22, 2014

§ 252-A’s source at nysenate​.gov

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