N.Y. Tax Law Section 254
Optional tax on prior mortgages

Whenever any mortgage other than a mortgage specified in section two hundred and sixty-four has been recorded prior to July first, nineteen hundred and six, the record owner thereof may file with the recording officer of the county in which the real property, or any part thereof, on which said mortgage is a lien, is situated, a written statement under oath verified by the record owner or the agent or officer of such record owner describing such mortgage by giving the date of the same and the liber and page of the record thereof together with the names of the parties thereto, specifying the amount then remaining unpaid on the debt or obligation secured thereby, and electing that it shall become subject to the tax prescribed by § 253 (Recording tax)section two hundred and fifty-three of this chapter. Whenever any unrecorded mortgage has been executed and delivered prior to July first, nineteen hundred and six, the owner thereof may record the same upon filing with the recording officer a similar statement and paying the tax as herein prescribed. A tax shall thereupon be computed, levied and collected upon the amount of the principal debt or obligation unpaid at the time of the filing of such statement, or of the recording of such mortgage and filing of such statement. On the payment of such tax as herein provided, the recording officer shall note on the margin of the record of such mortgage the fact of such statement and of the amount of the tax paid, attested by his signature, whereupon such mortgage and the debt or obligation secured thereby shall be entitled to the exemptions and immunities conferred by this article, and all of the provisions of this article shall thereafter be applicable to said mortgage. Whenever the original mortgage is presented to the clerk together with the statement he shall also note on said original mortgage the fact of the filing of the said statement and also the amount of the tax paid duly attested by his signature, which indorsement shall be conclusive evidence of the payment of such tax.

Source: Section 254 — Optional tax on prior mortgages, https://www.­nysenate.­gov/legislation/laws/TAX/254 (updated Sep. 22, 2014; accessed Mar. 9, 2025).

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:
Mar. 9, 2025

Last modified:
Sep. 22, 2014

§ 254’s source at nysenate​.gov

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