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 Oct. 26, 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
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Accessed:
Oct. 26, 2024

Last modified:
Sep. 22, 2014

§ 252-A’s source at nysenate​.gov

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