Rednow Realty Corp. v. Tully

Proceeding pursuant to CPLR article 78 (transferred to this court by order of the Supreme Court at Special Term, entered in Albany County) to review a determination of the State Tax Commission, which held that an additional mortgage recording tax was due under sections 253 and 255 of the Tax Law. We are here concerned with three mortgages designated as the prior, modified and remodified mortgages. Petitioner, in order to construct a building on certain leasehold property owned by it, executed the prior mortgage for $12,000,000 with Precision Dynamics Corporation. The recording tax was paid on…