Assembly Bill A4821A

2021-2022 Legislative Session

Relates to apportionment of mortgage taxes for property situated in more than one tax district

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Archive: Last Bill Status - In Assembly Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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Bill Amendments

co-Sponsors

2021-A4821 - Details

See Senate Version of this Bill:
S7138
Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd §260, Tax L
Versions Introduced in Other Legislative Sessions:
2017-2018: A10750
2019-2020: A4533

2021-A4821 - Summary

Provides that the apportionment of mortgage taxes for property situated in more than one tax district shall be based upon the full market value estimate of the property covered by such mortgage.

2021-A4821 - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4821
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 8, 2021
                                ___________
 
 Introduced  by  M.  of  A.  B. MILLER  --  read once and referred to the
   Committee on Ways and Means
 
 AN ACT to amend the tax law, in relation to  apportionment  of  mortgage
   taxes for property situated in more than one tax district
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Section 260 of the tax law, as amended by  chapter  372  of
 the laws of 1930, is amended to read as follows:
   §  260.   Determination and apportionment by the state tax commission.
 When the real property covered by a mortgage is situated  in  more  than
 one  tax district, the state tax commission shall apportion the tax paid
 on such mortgage between the respective tax districts upon the basis  of
 the  [relative  assessments]  FULL MARKET VALUE of such real property as
 the same appear on the last assessment-rolls.  If, however, the whole or
 any part of the property covered by such a mortgage is not assessed upon
 the last assessment-roll or rolls of the tax district  or  districts  in
 which  it  is  situated, or is so assessed, as a part of a larger tract,
 that the assessed value cannot be determined, or  if  improvements  have
 been  made  to  such  an extent as materially to change the value of the
 property so assessed, the tax commission may require the local assessors
 in the respective tax districts, or  the  mortgagor,  or  mortgagee,  to
 furnish  sworn appraisals of the property in each tax district, and upon
 such appraisals shall determine the apportionment.    If  such  mortgage
 covers  real  property in two or more counties, the tax commission shall
 determine the proportion of the tax which shall be paid by the recording
 officer who has received the same to the recording officers of the other
 counties in which are situated the tax districts entitled to share ther-
 ein.  When any recording officer shall pay any portion of a tax  to  the
 recording  officer  of  another county, he shall forward with such tax a
 description sufficient to identify the mortgage on  which  the  tax  has
 been  paid,  and  the recording officer receiving such tax shall note on
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

co-Sponsors

2021-A4821A (ACTIVE) - Details

See Senate Version of this Bill:
S7138
Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd §260, Tax L
Versions Introduced in Other Legislative Sessions:
2017-2018: A10750
2019-2020: A4533

2021-A4821A (ACTIVE) - Summary

Provides that the apportionment of mortgage taxes for property situated in more than one tax district shall be based upon the full market value estimate of the property covered by such mortgage.

2021-A4821A (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  4821--A
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 8, 2021
                                ___________
 
 Introduced by M. of A. B. MILLER, SALKA -- read once and referred to the
   Committee  on  Ways  and  Means -- committee discharged, bill amended,
   ordered reprinted as amended and recommitted to said committee
 
 AN ACT to amend the tax law, in relation to  apportionment  of  mortgage
   taxes for property situated in more than one tax district

   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Section 260 of the tax law, as amended by  chapter  372  of
 the laws of 1930, is amended to read as follows:
   §  260.   Determination and apportionment by the state tax commission.
 When the real property covered by a mortgage is situated  in  more  than
 one  tax district, the state tax commission shall apportion the tax paid
 on such mortgage between the respective tax districts upon the basis  of
 the [relative assessments] FULL MARKET VALUE ESTIMATE of such real prop-
 erty  as the same appear on the last assessment-rolls.  If, however, the
 whole or any part of the property covered by  such  a  mortgage  is  not
 assessed  upon  the last assessment-roll or rolls of the tax district or
 districts in which it is situated, or is so assessed, as  a  part  of  a
 larger  tract,  that  the  assessed  value  cannot  be determined, or if
 improvements have been made to such an extent as  materially  to  change
 the  value  of  the property so assessed, the tax commission may require
 the local assessors in the respective tax districts, or  the  mortgagor,
 or  mortgagee,  to  furnish sworn appraisals of the property in each tax
 district, and upon such appraisals shall  determine  the  apportionment.
 If  such  mortgage covers real property in two or more counties, the tax
 commission shall determine the proportion of the tax which shall be paid
 by the recording officer who has received  the  same  to  the  recording
 officers  of  the other counties in which are situated the tax districts
 entitled to share therein.   When any recording officer  shall  pay  any
 portion  of  a  tax to the recording officer of another county, he shall
 forward with such tax a description sufficient to identify the  mortgage
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

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