Bulletin: NY000037

Dear Associates:

Wyoming County - Additional Mortgage Tax

The New York State Department of Taxation and Finance has announced in Important Notice N-93-23 that Wyoming County has the joined Rochester-Genesee Regional Transportation District, and now imposes the Additional Mortgage Tax provided for pursuant to Tax Law §253.2(a), effective August 23, 1993.

The Basic Mortgage Recording Tax (§253.1) is 50 cents for each $100.00 or major fraction of principal. The Additional Mortgage Recording Tax (§253.2) now imposed in Wyoming County is 25 cents per $100.00 or major fraction (but exempting the first $10,000.00 of principal debt in the case of property improved or to be improved by 1 or 2- family dwelling), and the Special Additional Mortgage Recording Tax (§253.1-a) is also 25 cents per $100.00 or major fraction.

As a result of the change, Wyoming County's Mortgage Recording Tax rate now totals $1.00 per $100.00, subject to the exemptions and limitations of the statute.

Reverse Mortgages Exempted from Mortgage Recording Taxes

The Technical Services Bureau of the New York State Department of Taxation and Finance Tax Services Division has promulgated the Memorandum TSB-M-93(4)-R, which summarizes the provisions of Chapter 613 of the Laws of 1993, to the extent that the statute affects the imposition of mortgage recording taxes.

Reverse Mortgages made to mortgagors over 60 or 70 years of age pursuant to Real Property Law §§280 and 280-a, respectively, are exempted from the Mortgage Recording Tax. Affidavits in support of the exemption must be submitted to the recording officer in duplicate at the time the mortgage is presented for recording, containing the prescribed information.

We have also prepared a form of affidavit which is available through the reference section at the end of this bulletin.