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 \[6\].