N.Y. Comp. Codes R. & Regs. tit. 20 § 642.5

Current through Register Vol. 46, No. 45, November 2, 2024

Section 642.5 - Imposition of the City of Yonkers tax

Tax Law, § 253-d, Code of the City of yonkers, § 92-123

(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, section 353-d of the Tax Law authorizes the City of Yonkers to impose the City of Yonkers tax upon the recording of each mortgage of real property located in whole or in part within such city. Section 92-123 of the Code of the City of Yonkers imposes such tax.

(b) The tax described in this section is imposed at a rate of 50 cents for each $100 and each remaining major 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 City of Yonkers tax is administered and collected in the same manner as the basic tax described in section 642.1 of this Part.

(d) Where real peoperty 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 the City of Yonkers, the amount of City of Yonkers 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 the City of Yonkers and without New York State, the amount of City of Yonkers tax due and payable shall be determined in a manner similar to that described in Part 649 of this Title.

(f) The tax described in this section applies to such mortgages recorded on and after September 1, 1993 through August 30, 1995.

N.Y. Comp. Codes R. & Regs. Tit. 20 § 642.5