NY 399-EE Affidavit

AFFIDAVIT FOR CREDIT AGAINST MORTGAGE TAX PURSUANT TO SECTION 339-ee OF THE NEW YORK REAL PROPERTY LAW FOR ______________________________ CONDOMINIUM

State of New York
                                       ss:                                                                Title No.________________

County of _________

 

I, ________________________, being duly sworn depose and say the following to be true under the penalty of perjury:

1. I am the __________________ of ______________________ (the “Sponsor), the Sponsor of a condominium offering plan for _________________________________ condominium (the “Condominium”) located in the city of _____________________, State of New York.

2. The Declaration of Condominium for the ______________________ Condominium was recorded in the County of _____________________, on _____________, in __________________.

3. That pursuant to Section 339-ee(2) of the New York Real Property Law, a credit is requested against the mortgage tax on the first sale purchase money mortgage in the principal sum of $________________ made by ___________________ to ____________, placing lien on Unit No. ______, together with its _____ percentage of interest in the Common Elements of the Condominium, which mortgage is offered for recording.  The credit is requested because of a mortgage tax previously paid upon the recording of the construction mortgage covering the property comprising the Condominium listed on Exhibit A annexed hereto.

4. The total mortgage tax paid on the aforementioned construction mortgage was $________________.

5. The first condominium unit in the Condominium was sold within two (2) years after the recording of the construction mortgage for which the credit is being claimed.

6. The proceeds of the construction loan were or will be used exclusively for capital expenditures and expenses for the construction mortgage for which the credit is being claimed.

7. Of the total mortgage tax paid on the aforementioned construction mortgage:

a) One-half of one (1/2%) percent of the original principal balance secured by said mortgage was $________________;

b) One and three-quarters of one (1 ¾%) percent of the original principal balance secured by said mortgage was $____________________;

c) One-quarter of one (1/4%) percent of the original principal balance secured by said mortgage was $_________________ and was allocated to the Additional Tax;

d) One-quarter of one (1/4%) percent of the original principal balance secured by said mortgage was $__________________ and was allocated to the Special Additional Tax and as such cannot be applied as a credit.

8. Pursuant to the aforementioned Declaration of Condominium, Unit ____ has an appurtenant interest in the Common Elements of ______%.

9. Pursuant to the aforementioned Section339-ee(2) of the Real Property Law, the parties to the mortgage offered herewith for recording are entitled to a mortgage tax credit computed as shown on Exhibit B annexed hereto and made a part hereof.

10. Said credit is based on the product of the mortgage tax previously paid and the appurtenant percentage of interest of the Unit covered by the mortgage offered for recording in the Common Elements as disclosed in the Declaration of Condominium.

11. Wherefore, it is hereby requested pursuant to Section 339-ee(2) of the Real Property Law and Section 253 of the Tax Law, that the mortgage offered herewith for recording be declared exempt from taxation to the extent indicated on Schedule B and that said mortgage be accepted for recording upon payment of the sum of $____________ (Exhibit B, letter D) which is tendered herewith on behalf of the mortgagor.

 

___________________________

Sworn to before me on this _______

day of ____________ 20___.

 

________________________

            Notary Public

 

EXHIBIT A

List of Mortgages and Mortgage Tax Paid

 

EXHIBIT B

Pursuant to Section 339-ee(2) of the Real Property Law of the State of New York, the parties to the mortgage being offered for recording, simultaneously herewith, are entitled to a mortgage credit computed as follows:

(A)

(i)  Basic New York State Tax of $___________ ($0.50 per $100.00 of the new mortgage)                                                                   

$_____________________________

                        LESS

 

(ii)  Credit allowed of ______% (percentage of interest of Unit of common elements)

            of $________________ (Basic NYS Tax Paid)

                                                                                               $_____________________________

(iii)  Basic New York State Tax due

            [(i) less (ii)]

                                                                                              $_____________________________

                       PLUS

(B)

(i) Basic New York City Tax of $___________ ($2.80) per $100 of new mortgage of $___________

           

                                                                                                $_____________________________

                        LESS

 

(ii)  Credit allowed of _______% of $__________ (Basic NYC Tax Paid)

            [(ii) may not exceed (i)]

                                                                                               

                                                                                                $_____________________________

 

(iii) New York City Basic Tax due [(i) less (ii)]

                                               

                                                                                                $_____________________________

                        PLUS

 

(C)

(i)  Additional Tax of $0.30 per $100.00 of new mortgage

amount of $__________

                                                                                   

                                                                                    $_____________________________

LESS

 

 

(ii) Exemption for first $10,000.00                            

                                                                                                $_____30.00___________________

 

(iii)  Net Addition Tax

                                                                                                $_____________________________

                        LESS

 

(iv) Credit allowed of _____% of

            $_________ (Additional Tax Paid)

                                                                                                $_____________________________

(v) Addition tax due (if line (iv) is more than line (iii) enter 0)

                                                                                                $_____________________________

                        EQUALS

(D) Mortgagor’s portion of tax due [A(iii) + B(iii) + C(v)

   

                                                                                                $_____________________________

                        PLUS

 

(E)       Special Additional Tax (no credit of $0.25 per

            $100.00 of $_________ payable to Mortgagee pursuant to

            Section 253 of the Tax Law)

                                               

                                                                                                $_____________________________

 

 

TOTAL TAX RENDERED HEREWITH (D + E)               $_____________________________           

 

Therefore, pursuant to Section 339-ee(2) of the Real Property Law, a mortgage tax credit in the amount of $_________________* is hereby claimed.  Said Credit is based on the product of the appurtenant common elements of the Unit covered by the mortgage offered for recording in the common elements of ____________________ Condominium located at ________________________, NY.

* ($________ x 2.175% = $_________ - $30.00 = $__________ - $_________ = $_________)    

No guidelines are available for this form at this time.