N.Y. Comp. Codes R. & Regs. tit. 20 § 653.6

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

Section 653.6 - Interest on refunds of the mortgage recording taxes

Tax Law, § 263

In cases where interest is to be paid on a refund, as provided in section 654.5 of this Title, the rate of interest shall be as follows:

(1) Where the refund of the mortgage recording taxes paid relates to mortgages of real property located in counties outside the City of New York, the rate of interest is one-half of one per centum for each month or fraction of a month for the period described in section 654.5(b) this Title.

(2)

(i) Where the refund or the mortgage recording taxes paid relates to mortgages of real property located in counties within the City of New York, the rate of interest is the overpayment rate set pursuant to section 1096(e) of article 27 of the Tax Law for the period described in section 654.5(b) of this Title.

(ii) Where the commissioner fails to set the rate of interest as described in subparagraph (I) of this paragraph, such rate of interest shall be at the rate of six percent per annum for the period described in section 654.5(b) of this Title.

N.Y. Comp. Codes R. & Regs. Tit. 20 § 653.6