Bank converted from a Federal Charter to a State Charter. The Bank originally was exempted from paying a portion of the mortgage tax.
NY Tax Law 253 states that the the lender is to pay 1/4% of the mortgage recording tax on properties 1-6 each containing a cooking facility.
Many regulations seem to point to a borrower being an individual. Would the lender be required to pay the 1/4% if the borrower is an LLC or Corp? Would a mixed use property with up to six residential units also require the lender to pay the percentage of mortgage tax. PLease point me in eth right direction.