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NYS Mortgage Tax Rates CountyTax RateZoneSuffolk1.05%2Sullivan1.00% *2Tioga0.75%1Tompkins0.75%158 more rows
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.
To deduct mortgage interest, real estate taxes, and home office expenses, you must complete Form IT-196, New York Resident, Nonresident, and Part-Year Resident Itemized Deductions, to compute your New York State itemized deduction.
New York State imposes a tax on the privilege of recording a mortgage on real property located within the state. In addition, New York City, Yonkers, and various counties impose local taxes on mortgages that are recorded in those jurisdictions.
Tax rates. The following tax rates apply: basic tax of 50 cents per $100 of mortgage debt or obligation secured.
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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%.
Do you have to pay NYS mortgage tax on a refinance? New York charges a NYS mortgage tax or specifically a recording tax on any new mortgage debt. This rate varies by county, with the minimum being 1.05 percent of the loan amount. But fortunately, homeowners arent required to pay the tax again once they refinance.
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%.
Is The New York Mortgage Recording Tax Deductible? The mortgage recording tax is not deductible in the way that real estate property taxes are on a primary residence or investment property. However, it does increase your cost basis for the property.
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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