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October 22, 2012

Home and Garden Briefs: Oct. 22, 2012

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NY court upholds credit union mortgage tax

ALBANY, N.Y. (AP) — The New York Court of Appeals says mortgages issued by federal credit unions are subject to the state’s mortgage recording tax.

The top court ruled 5-1 last week in a case brought by the Hudson Valley Federal Credit Union. The ruling says the relevant tax exemptions in federal law make no mention of mortgages or loans of any kind.

New York’s mortgage recording tax, first enacted in 1906, is 50 cents on every $100 of principal debt when mortgages of real property are executed.

In a dissent, Judge Susan Read says it is actually a tax on the privilege of transferring property title, not on real property, and therefore subject to the federal exemption.

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