New York Codes, Rules and Regulations
Title 20 - DEPARTMENT OF TAXATION AND FINANCE
Chapter IV - Sales And Use And Other Miscellaneous Taxes
Subchapter D - Mortgage Recording Taxes
Part 642 - Imposition Of Taxes
Section 642.1 - Imposition of the basic tax
Current through Register Vol. 46, No. 12, March 20, 2024
Tax Law, § 253(1)
(a) Subdivision 1 of section 253 of the Tax Law imposes the basic tax upon the recording of each mortgage on real property located in this State, at a rate of 50 cents for each $100 and each remaining major fraction thereof of principal debt or obligation which is, or under any contingency may be secured at the date of the execution of the mortgage or at any time thereafter. The term major fraction means more than half.
Example:
A mortgage securing a principal debt or obligation of $1,050 is subject to a basic tax of $5, while a mortgage securing principal debt or obligation of $1,050.01 is subject to a basic tax of $5.50.
(b) For purposes of these regulations the principal debt or obligation which is used to compute the mortgage recording taxes must be expressed in United States currency.
