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 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

Accessed:
Oct. 26, 2024

Last modified:
Sep. 22, 2014

§ 254’s source at nysenate​.gov

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