N.Y. Tax Law Section 257-A
Refund of mortgage taxes after rescission of certain credit transactions

1.

As used in this section, a “statutory right of rescission” means the right of an obligor to rescind a consumer credit transaction in which a security interest, including a real property mortgage, is retained or acquired in any real property which is used or expected to be used as a residence of the obligor provided for in section one hundred twenty-five of title one, the “Truth in Lending Act,” of the federal Consumer Credit Protection Act (Public Law 90-321; 82 Stat. 146 et seq.) and in the regulations issued by the Board of Governors of the Federal Reserve System pursuant to said title of said act.

2.

A person who has paid the taxes imposed by this article on the recording of a mortgage of real property has a right to a refund of the mortgage taxes so paid if a mortgagor upon the mortgage exercises the statutory right of rescission with respect thereto and a discharge of the mortgage has been recorded.

3.

The State Tax Commission shall provide by regulation how a person having a right to a refund of mortgage taxes pursuant to subsection two may obtain the refund and the cities, towns, villages or officers to which or to whom the mortgage tax moneys have been paid, paid over, distributed, or allotted shall refund such mortgage tax moneys to a person having a right to the refund thereof.

Source: Section 257-A — Refund of mortgage taxes after rescission of certain credit transactions, https://www.­nysenate.­gov/legislation/laws/TAX/257-A (updated Sep. 22, 2014; accessed May 4, 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 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
Green check means up to date. Up to date

Accessed:
May 4, 2024

Last modified:
Sep. 22, 2014

§ 257-A’s source at nysenate​.gov

Link Style