Mortgage Tax Apportioned Based on Assessments, NY Tribunal Says

Taxes on the recording of mortgages spread across two counties must be determined by the properties’ assessed values rather than market values under state law, the New York Tax Appeals Tribunal announced Friday.

Rockaway Realty Associates LP’s properties must be apportioned based on their assessed values listed in the most recent tax rolls, which results in a higher tax bill than Rockaway’s apportionment calculations based on market values, the opinion said.

New York Tax Law Section 260 is unambiguous in its apportionment standards, the tribunal said.

• “Tax Law § 260 expressly directs the apportionment of tax ‘upon the basis of ...