Section 11-2602. Payment and payment over of taxes  


Latest version.
  • The taxes imposed by this
      chapter  shall  be  payable  on  the  recording of each mortgage of real
      property subject to taxes thereunder. Such taxes shall be  paid  to  the
      recording  officer  of the county in which the real property or any part
      thereof is situated, except 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
      chapter,  as  required  by  subdivision  three  of  section  two hundred
      fifty-three-a of the tax law. It shall be the  duty  of  such  recording
      officer  to  indorse  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 indorsed
      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. Upon the first day of each  month  the
      city  register  and  the  recording officer of Richmond county shall pay
      over to the commissioner of finance  of  the  city  for  credit  to  the
      general fund of such city, the balance of the moneys received during the
      preceding  month  upon  account  of  taxes  paid to him or her as herein
      prescribed, after deducting the necessary expenses of his or her  office
      as  provided  in  section  two  hundred sixty-two of the tax law, except
      taxes paid upon mortgages which are  first  to  be  apportioned  by  the
      commissioner  of  taxation  and  finance, which taxes and money shall be
      paid over by him or her as provided by the  determination  of  the  said
      commissioner  of  taxation  and  finance.  Notwithstanding the foregoing
      provision, in each instance where the tax imposed  pursuant  to  section
      11-2601 of this chapter is one dollar and twenty-five cents for each one
      hundred  dollars  and  each  remaining  major  fraction  thereof of such
      principal debt or obligation, fifty percent of the total amount of  such
      tax, including fifty percent of any interest or penalties thereon, shall
      be set aside in a special account by the commissioner of finance, and in
      each  instance  where  the  tax  imposed pursuant to that section is one
      dollar and seventy-five cents for each  one  hundred  dollars  and  each
      remaining  major  fraction thereof of such principal debt or obligation,
      thirty-five and seven-tenths percent of the total amount  of  such  tax,
      including  thirty-five  and  seven-tenths  percent  of  any  interest or
      penalties thereon, shall also be set  aside  in  such  special  account.
      Moneys in such account shall be used for payment by such commissioner to
      the  state  comptroller  for deposit in the urban mass transit operating
      assistance account of the mass transportation operating assistance  fund
      of  any  amount  of  insufficiency  certified  by  the state comptroller
      pursuant to the provisions of subdivision six of section  eighty-eight-a
      of  the  state finance law, and on the fifteenth day of each month, such
      commissioner shall transmit all funds in such account at the end of  the
      preceding  month,  except  the  amount  required  for the payment of any
      amount of insufficiency certified by  the  state  comptroller  and  such
      amount  as  he or she deems necessary for refunds and such other amounts
      necessary to finance the New York city transportation disabled committee
      and the New York city  paratransit  system  as  established  by  section
      fifteen-b  of  the  transportation  law,  provided,  however,  that such
      amounts shall not exceed six percent of the total funds in  the  account
      but  in  no  event be less than two hundred twenty-five thousand dollars
      beginning April first, nineteen hundred  eighty-six,  and  further  that
      beginning  November  fifteenth,  nineteen hundred eighty-four and during
      the entire period prior to operation of such system, the total  of  such
      amounts shall not exceed three hundred seventy-five thousand dollars for
      the administrative expenses of such committee and fifty thousand dollars
      for  the  expenses  of  the agency designated pursuant to paragraph b of
    
      subdivision five of such section, and other amounts necessary to finance
      the operating needs of the private bus companies franchised by the  city
      of  New  York  and  eligible to receive state operating assistance under
      section  eighteen-b  of  the transportation law, provided, however, that
      such amounts shall not exceed four percent of the  total  funds  in  the
      account,  to the New York city transit authority for mass transit within
      the city.