Bill Text: NY A05167 | 2023-2024 | General Assembly | Amended
Bill Title: Authorizes the county of Otsego to impose an additional mortgage recording tax of 25 cents per $100 of principal debt or obligation.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Engrossed) 2024-06-07 - substituted by s4289a [A05167 Detail]
Download: New_York-2023-A05167-Amended.html
STATE OF NEW YORK ________________________________________________________________________ 5167--A 2023-2024 Regular Sessions IN ASSEMBLY March 3, 2023 ___________ Introduced by M. of A. TAGUE -- read once and referred to the Committee on Ways and Means -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee AN ACT to amend the tax law, in relation to authorizing the county of Otsego to impose an additional mortgage recording tax; and providing for the repeal of such provisions upon expiration thereof The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. The tax law is amended by adding a new section 253-z to 2 read as follows: 3 § 253-z. Recording tax imposed by the county of Otsego. 1. Otsego 4 county, acting through its local legislative body, is hereby authorized 5 and empowered to adopt and amend local laws imposing in such county a 6 tax of twenty-five cents for each one hundred dollars and each remaining 7 major fraction thereof of principal debt or obligation which is or under 8 any contingency may be secured at the date of execution thereof, or at 9 any time thereafter, by a mortgage on real property situated within such 10 county and recorded on or after the date upon which such tax takes 11 effect and a tax of twenty-five cents on such mortgage if the principal 12 debt or obligation which is or by any contingency may be secured by such 13 mortgage is less than one hundred dollars. 14 2. The taxes imposed under the authority of this section shall be 15 administered and collected in the same manner as the taxes imposed under 16 subdivision one of section two hundred fifty-three and paragraph (b) of 17 subdivision one of section two hundred fifty-five of this article. 18 Except as otherwise provided in this section, all the provisions of this 19 article relating to or applicable to the administration and collection 20 of the taxes imposed by such subdivisions shall apply to the taxes 21 imposed under the authority of this section with such modifications as 22 may be necessary to adapt such language to the tax so authorized. Such 23 provisions shall apply with the same force and effect as if those 24 provisions had been set forth in full in this section except to the 25 extent that any provision is either inconsistent with a provision of 26 this section or not relevant to the tax authorized by this section. For EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD03488-03-3A. 5167--A 2 1 purposes of this section, any reference in this article to the tax or 2 taxes imposed by this article shall be deemed to refer to a tax imposed 3 pursuant to this section, and any reference to the phrase "within this 4 state" shall be read as "within Otsego county", unless a different mean- 5 ing is clearly required. 6 3. Where the real property covered by the mortgage subject to the tax 7 imposed pursuant to the authority of this section is situated in this 8 state but within and without the county imposing such tax, the amount of 9 such tax due and payable to such county shall be determined in a manner 10 similar to that prescribed in the first undesignated paragraph of 11 section two hundred sixty of this article which concerns real property 12 situated in two or more counties. Where such property is situated both 13 within such county and without the state, the amount due and payable to 14 such county shall be determined in the manner prescribed in the second 15 undesignated paragraph of such section two hundred sixty which concerns 16 property situated within and without the state. Where real property is 17 situated within and without the county imposing such tax, the recording 18 officer of the jurisdiction in which the mortgage is first recorded 19 shall be required to collect the taxes imposed pursuant to this section. 20 4. A tax imposed pursuant to the authority of this section shall be in 21 addition to the taxes imposed by section two hundred fifty-three of this 22 article. 23 5. Notwithstanding any provision of this article to the contrary, the 24 balance of all moneys paid to the recording officer of the county of 25 Otsego during each month upon account of the tax imposed pursuant to the 26 authority of this section, after deducting the necessary expenses of his 27 or her office as provided in section two hundred sixty-two of this arti- 28 cle, except taxes paid upon mortgages which under the provisions of this 29 section or section two hundred sixty of this article are first to be 30 apportioned by the commissioner, shall be paid over by such officer on 31 or before the tenth day of each succeeding month to the treasurer of 32 Otsego county and, after the deduction by such treasurer of the neces- 33 sary expenses of his or her office provided in section two hundred 34 sixty-two of this article shall be deposited in the general fund of the 35 county of Otsego for expenditure on any county purpose. Notwithstanding 36 the provisions of the preceding sentence, the tax so imposed and paid 37 upon mortgages covering real property situated in two or more counties, 38 which under the provisions of this section or section two hundred sixty 39 of this article are first to be apportioned by the commissioner, shall 40 be paid over by the recording officer receiving the same as provided by 41 the determination of the commissioner. 42 6. Any local law imposing a tax pursuant to the authority of this 43 section or repealing or suspending such a tax shall take effect only on 44 the first day of a calendar month. Such a local law shall not be effec- 45 tive unless a certified copy thereof is mailed by registered or certi- 46 fied mail to the commissioner at the commissioner's office in Albany at 47 least thirty days prior to the date the local law shall take effect. 48 7. Certified copies of any local law described in this section shall 49 also be filed with the county clerk of the county of Otsego, the secre- 50 tary of state and the state comptroller within five days after the date 51 it is duly enacted. 52 § 2. This act shall take effect immediately and shall expire December 53 31, 2025 when upon such date the provisions of this act shall be deemed 54 repealed.
