[Adopted 9-14-2020 by L.L. No. 6-2020]
Pursuant to the provision of State of New York Tax Law § 253-p,
there is hereby imposed in the County of Albany, New York a tax of
$0.25 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 Albany County and recorded
on or after October 31, 2008, and a tax of $0.25 on such mortgage
if the principal debt or obligation which is or by any contingency
may be secured by such mortgage is less than $100.
The tax imposed by this article shall be administered and collected in the same manner as the taxes imposed under Subdivision 1 of § 253 and Paragraph (b) of Subdivision 1 of § 255 of Article 11 of the Tax Law and shall be paid as provided in Tax Law § 253-p and shall be in addition to the taxes imposed by Tax Law § 253.
This article shall expire December 1, 2023; provided further,
however, that such expiration shall not preclude the adoption and
enactment of additional local laws by the County of Albany pursuant
to the provisions of Tax Law § 253-p upon the expiration
of this article or any subsequent local law adopted and enacted pursuant
to the provisions thereof.
Notwithstanding any provision of Article 11 of the Tax Law to the contrary, the balance of all monies paid to the recording officer of the County of Albany during each month upon account of the tax imposed pursuant to this article, after deduction of the necessary expenses of the recording officer's office as provided in Tax Law § 262, except taxes paid upon mortgages which under the provisions of this article or Tax Law § 260 are first to be apportioned by the New York State Commissioner of Taxation and Finance, shall be paid over by such officer on or before the 10th day of each succeeding month to the Albany County Director of Finance[1] and, after the deduction by the Director of Finance of
the necessary expenses as provided in Tax Law § 262, shall
be deposited in the General Fund of the County of Albany for expenditure
on County purposes. Notwithstanding the provisions of the preceding
sentence, the tax so imposed and paid upon mortgages covering real
property situated in two or more counties, which under the provisions
of this article or Tax Law § 260 are first to be apportioned
by the Commissioner of Taxation and Finance, shall be paid over by
the recording officer receiving the same as provided by the determination
of the Commissioner.
This article shall take effect on December 1, 2020, provided
that the Clerk of this Legislature shall mail a certified copy hereof
by registered or certified mail to the Commissioner of the New York
State Department of Taxation and Finance at least 30 days prior to
such date. The Clerk of this Legislature shall also file certified
copies hereof with the County Clerk of the County of Albany, the Secretary
of State of the State of New York and the State Comptroller within
five days after the enactment of this article.
