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 647 - Credit Line Mortgage
Section 647.3 - Advances and readvances under a credit line mortgage
Universal Citation: 20 NY Comp Codes Rules and Regs ยง 647.3
Current through Register Vol. 46, No. 12, March 20, 2024
Tax Law, §§ 250, 253-b
Except as provided in section 647.4 of this Part, whenever the aggregate amount advanced or readvanced under a credit line mortgage exceeds the maximum principal amount which was used to compute the taxes described in Part 642 of this Title when such credit line mortgage was recorded, further taxes must be paid upon the recording or filing of an instrument evidencing such amounts advanced or readvanced. Such further taxes are computed based upon the amount advanced or readvanced.
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