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What is the mortgage recording tax in New York State?

The mortgage recording tax requires purchasers to pay 1.8% on mortgage amounts under $500,000 and 1.925% on mortgage amounts above $500,000 in NYC (this includes the recording tax for both New York City and New York State). NY state imposes a mortgage tax rate of 0.5%.

How do I avoid mortgage recording tax in New York?

The most common way to avoid paying a mortgage recording tax in New York City is to purchase a co-op rather than a condo or another type of residential property. You might wonder why co-ops, but not condos and other residential properties, are exempt from the mortgage recording tax, and the answer is simple.

Who pays the mortgage recording tax in NY?

In NYC, the buyer pays a mortgage recording tax rate of 1.8% if the loan is less than $500,000 and 1.925% if more than $500,000 or more. Buyers of commercial property pay 2.55%. These rates are what the buyer is responsible for. Your mortgage lender will also contribute 0.25%.

Who pays the mortgage recording tax in NY?

At the closing, the home-buyer/borrower pays the basic tax and the additional tax by delivering a check to the title company. The title company then submits payment of the mortgage recording tax together with the mortgage when the mortgage is submitted to the county clerk for recording. Section 253 1-a.

Who pays NYS mortgage transfer tax?

Who Pays the Real Estate Transfer Tax? In New York, the seller of the property is typically the individual responsible for paying the real estate transfer tax. However, if the seller doesnt pay or is exempt from the tax, the buyer must pay.

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What is NYS mortgage recording tax?

city or county mortgage tax of 25 to 50 cents per $100 of mortgage debt or obligation secured, where applicable.

How do I avoid mortgage recording tax in NY?

The most common way to avoid paying a mortgage recording tax in New York City is to purchase a co-op rather than a condo or another type of residential property. You might wonder why co-ops, but not condos and other residential properties, are exempt from the mortgage recording tax, and the answer is simple.

What is special additional mortgage recording tax deduction?

The term mortgage recording tax is the colloquial term for a group of taxes imposed by Section 253 of the New York State tax law, which includes the basic tax (0.50 percent), the additional tax (0.25 percent) and the special additional tax (0.25 percent). The tax amount is calculated based on the loan amount.

How much does it cost to record a mortgage in New York State?

The mortgage recording tax requires purchasers to pay 1.8% on mortgage amounts under $500,000 and 1.925% on mortgage amounts above $500,000 in NYC (this includes the recording tax for both New York City and New York State). NY state imposes a mortgage tax rate of 0.5%.

How do I avoid mortgage recording tax in NY?

The most common way to avoid paying a mortgage recording tax in New York City is to purchase a co-op rather than a condo or another type of residential property. You might wonder why co-ops, but not condos and other residential properties, are exempt from the mortgage recording tax, and the answer is simple.

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