[Adopted 7-6-1993 by L.L. No. 5-1993]
[Amended 7-20-1995 by L.L. No. 4-1995; 8-14-1997 by L.L. No.
11-1997; 8-11-1999 by L.L. No. 4-1999; 8-20-2001 by L.L. No.
11-2001; 6-25-2003 by L.L. No. 3-2003; 6-28-2005 by L.L. No.
5-2005; 6-14-2007 by L.L. No. 7-2007; 8-24-2011 by L.L. No.
8-2011; 8-1-2013 by L.L. No. 5-2013; 7-15-2015 by L.L. No. 18-2015; 7-6-2017 by L.L. No. 13-2017[1]; 5-8-2018 by L.L. No.
7-2018; 5-29-2020 by L.L. No. 1-2020]
A tax of $0.50 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 execution thereof or at any time thereafter
by a mortgage on real property situated within the City and recorded
on or after September 1, 1993, or prior to September 1, 2023, is hereby
imposed on each such mortgage and shall be collected and paid as provided
in this article. If the principal debt or obligation which is or by
any contingency may be secured by such mortgage is less than $100,
a tax of $0.50 is hereby imposed on such mortgage and shall be collected
and paid as provided in this article.
[1]
Editor’s Note: This local law provided that it would
take effect 9-1-2017.
The tax imposed by this article shall be payable on the recording
of each mortgage of real property subject to taxes hereunder. Such
tax shall be paid to the recording officer of the county in which
the real property or any part thereof is situated, except that, where
real property is situated within and without the City, the recording
officer of the county in which the mortgage is first recorded shall
collect the tax imposed by this article, as required by Subdivision
2 of § 253-d of the Tax Law. It shall be the duty of such
recording officer to endorse upon each mortgage a receipt for the
amount of the tax so paid. Any mortgage so endorsed may thereupon
or thereafter be recorded by any recording officer, and the receipt
for such tax endorsed upon each mortgage shall be recorded therewith.
The record of such receipt shall be conclusive proof that the amount
of tax stated therein has been paid upon such mortgage.
The tax imposed under this article shall be administered and
collected in the same manner as the taxes imposed under Subdivision
1 of § 253 and Subdivision 1 of § 255 of the Tax
Law. All the provisions of Article 11 of the Tax Law relating to or
applicable to the administration and collection of the taxes imposed
by Subdivision 1 of § 253 and Subdivision 1 of § 255
of the Tax Law shall apply to the tax imposed under this article with
the same force and effect as if those provisions had been set forth
in full in this article, except to the extent that any such provision
is either inconsistent with a provision of this article or not relevant
to the tax imposed by this article. For purposes of this article,
any reference in Article 11 of the Tax Law to the tax or taxes imposed
by Article 11 shall be deemed to refer to a tax imposed by this article,
and any reference to the phrase "within the state" shall be read as
"within the City," unless a different meaning is clearly required.
Whenever real property covered by the mortgage is partly within and
partly without the City of Yonkers, the portion of the mortgage taxable
under this article shall be determined in the manner prescribed in
the first paragraph of § 260 of the Tax Law where the property
without the City is located within the state and in the manner prescribed
in the second paragraph of such section of the Tax Law where the property
without the City is located without the state.
The moneys paid to the recording officer shall be paid over
or deposited in accordance with the provisions of Subdivision 5 of
§ 253-d of the Tax Law.
The tax imposed by this article shall be in addition to any
taxes imposed by § 253 of the Tax Law.
