New York Laws
Article 11 - Tax on Mortgages
252-A - Other Exemptions.

§ 252-a. Other exemptions. 1. Mortgages of real property given to
secure obligations incurred and given pursuant to the provisions of
section six-a of the banking law shall be exempt from any tax or fee
imposed by this article.

2. Reverse mortgages conforming to the provisions of section two
hundred eighty or two hundred eighty-a of the real property law securing
obligations of mortgagors or exempted therefrom pursuant to subdivision
four of section two hundred eighty or subdivision four of section two
hundred eighty-a of the real property law shall be exempt from any tax
or fee imposed by this article. In each case where an exemption is
claimed under this subdivision, the lender shall provide documentation
in a format approved by the commissioner of taxation and finance to
enable recording officers to affirmatively determine when a mortgage
being presented for recording is a reverse mortgage conforming to such
provisions of the real property law and entitled to an exemption under
this subdivision. Where such documentation is not furnished, the maximum
principal debt or obligation which shall be the measure of the tax
imposed by and pursuant to the authority of this article in the case of
a reverse mortgage shall be the proceeds of the loan which the
authorized lender is obligated to lend the borrower at the execution of
such mortgage or at any time thereafter but determined without regard to
any contingency relating to the addition of any unpaid interest to
principal or relating to any percentage of the future appreciation of
the property securing the loan as consideration or additional
consideration for the making of the loan. Provided, however, if
subsequent to the recording of such mortgage, the proceeds which the
authorized lender is obligated to lend the borrower are increased at any
time, such new or further indebtedness or obligation shall be the
measure of the tax at such time unless at that time an exemption is
applicable under the first sentence of this subdivision or otherwise.

Structure New York Laws