210How is mortgage duty charged?

210 How is mortgage duty charged?

210 How is mortgage duty charged?

(1) The amount of duty chargeable on a mortgage is calculated by reference to the amount secured by it at the liability date, as determined under Part 2.

(2) The amount of duty is—

(a) $5.00, if no amount is secured by the mortgage or the amount secured by the mortgage is not more than $16,000, or

(b) if the amount secured by the mortgage is more than $16,000—$5.00, plus a further $4.00 for every $1,000, or part, by which the amount secured exceeds $16,000.

(3) The amount of duty chargeable on the mortgage at a liability date is to be reduced by the amount of ad valorem duty (if any) for which the mortgage has already been duly stamped under this Act.

(4) No refund of duty is payable because the amount of ad valorem duty for which a mortgage has already been duly stamped under this Act exceeds the duty chargeable under subsection (2) on the amount secured by the mortgage at a liability date.

s 210: Am 1998 No 104, Sch 2 [29]; 2002 No 108, Sch 1 [20]; 2006 No 49, Sch 1 [28]–[30]; 2007 No 22, Sch 1 [3]–[5]. Subst 2009 No 51, Sch 1.3 [6].