2012 New York Consolidated Laws
TAX - Tax
Article 11 - (250 - 267) TAX ON MORTGAGES
252-A - Other exemptions.

 
    §  252-a.  Other  exemptions.   1. Mortgages of real property given to
  secure obligations incurred and given  pursuant  to  the  provisions  of
  section  six-a  of  the  banking law shall be exempt from any tax or fee
  imposed by this article.
    2. Reverse mortgages conforming  to  the  provisions  of  section  two
  hundred eighty or two hundred eighty-a of the real property law securing
  obligations  of mortgagors or exempted therefrom pursuant to subdivision
  four of section two hundred eighty or subdivision four  of  section  two
  hundred  eighty-a  of the real property law shall be exempt from any tax
  or fee imposed by this article. In  each  case  where  an  exemption  is
  claimed  under  this subdivision, the lender shall provide documentation
  in a format approved by the commissioner  of  taxation  and  finance  to
  enable  recording  officers  to  affirmatively determine when a mortgage
  being presented for recording is a reverse mortgage conforming  to  such
  provisions  of  the real property law and entitled to an exemption under
  this subdivision. Where such documentation is not furnished, the maximum
  principal debt or obligation which shall  be  the  measure  of  the  tax
  imposed  by and pursuant to the authority of this article in the case of
  a reverse  mortgage  shall  be  the  proceeds  of  the  loan  which  the
  authorized  lender is obligated to lend the borrower at the execution of
  such mortgage or at any time thereafter but determined without regard to
  any contingency relating to the  addition  of  any  unpaid  interest  to
  principal  or  relating  to any percentage of the future appreciation of
  the  property  securing  the  loan  as   consideration   or   additional
  consideration  for  the  making  of  the  loan.  Provided,  however,  if
  subsequent to the recording of such mortgage,  the  proceeds  which  the
  authorized lender is obligated to lend the borrower are increased at any
  time,  such  new  or  further  indebtedness  or  obligation shall be the
  measure of the tax at such time unless at  that  time  an  exemption  is
  applicable under the first sentence of this subdivision or otherwise.