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 653 - Interest And Penalties
Section 653.6 - Interest on refunds of the mortgage recording taxes
Universal Citation: 20 NY Comp Codes Rules and Regs ยง 653.6
Current through Register Vol. 46, No. 12, March 20, 2024
Tax Law, § 263
In cases where interest is to be paid on a refund, as provided in section 654.5 of this Title, the rate of interest shall be as follows:
(1) Where the refund of the mortgage recording taxes paid relates to mortgages of real property located in counties outside the City of New York, the rate of interest is one-half of one per centum for each month or fraction of a month for the period described in section 654.5(b) this Title.
(2)
(i) Where the refund or the mortgage
recording taxes paid relates to mortgages of real property located in counties
within the City of New York, the rate of interest is the overpayment rate set
pursuant to section 1096(e) of article 27 of the Tax Law for the period
described in section
654.5(b)
of this Title.
(ii) Where the
commissioner fails to set the rate of interest as described in subparagraph (I)
of this paragraph, such rate of interest shall be at the rate of six percent
per annum for the period described in section
654.5(b)
of this Title.
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