N.Y. Comp. Codes R. & Regs. tit. 20 § 642.6

Current through Register Vol. 46, No. 51, December 18, 2024

Section 642.6 - Imposition of the Broome County tax

Tax law, § 253-e, Local Law INTRO. NO. 9, Adopted July 21, 1994

(a) In addition to the taxes imposed by subdivisions 1, 1-a and 2 of section 253 of the Tax Law, and the tax authorized to be imposed by section 253-a of the Tax Law and section 253-d of the Tax Law, section 253-e of the Tax Law authorizes Broome County to impose the Broome County tax upon the recording of each mortgage of real property located in whole or in part within such County. Local Law INTRO. NO. 9, adopted July 21, 1994, imposes such tax.

(b) The tax described in this section is imposed at a rate of 25 cents for each $100 and each remaining 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.

(c) Except as otherwise provided in these regulations, the Broome County tax is administered and collected in the same manner as the basic tax described in section 642.1 of this Part.

(d) Where real property covered by a mortgage subject to the tax described in this section is situated in whole within New York State but partly within and without Broome County, the amount of Broome County tax due and payable upon the recording of the mortgage shall be determined in a manner similar to that described in section 642.2(d) of this Part.

(e) Where real property covered by a mortgage subject to the tax described in this section is situated both within Broome County and without New York State, the amount of Broome County tax due and payable shall be determined in a manner similar to that described in Part 649 of this Title.

N.Y. Comp. Codes R. & Regs. Tit. 20 § 642.6