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NY A00782
Bill
Status
1/5/2011
Primary Sponsor
Annie Rabbitt
Click for details
AI Summary
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Replaces references to "state tax commission" with "commissioner" throughout the tax law section governing mortgage tax apportionment procedures.
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Requires apportionment of mortgage taxes between tax districts to be based on relative assessments adjusted to reflect the applicable state equalization rate established under the Real Property Tax Law that was in effect when the mortgage was recorded.
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Updates gendered language by replacing "his" and "it" with "he or she" in provisions regarding recording officer duties and commissioner authority.
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Maintains existing procedures for determining taxable portions of mortgages covering property partly within and partly outside the state using a net value ratio calculation.
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Takes effect 180 days after becoming law.
Legislative Description
Provides that certain tax apportionments for property located in two or more tax districts shall be based on the most recent assessment and equalization rate in effect when the mortgage was recorded.
Last Action
held for consideration in ways and means
6/19/2012