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Is New York mortgage tax deductible?

The interest paid on a mortgage, along with any points paid at closing, are tax-deductible if you itemize on your tax return.

What is the mortgage tax exemption in NY?

If the real property is principally improved or to be improved by a one- or two-family residence or dwelling, however, the first $10,000 of the mortgage debt or obligation is excluded from the additional tax.

Who pays mortgage tax in New York?

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%.

How to avoid NY mortgage tax?

How to Avoid the Mortgage Recording Tax. If you are purchasing and financing a co-op, it is not subject to the mortgage recording tax. The tax is only imposed on financing of real property and a co-op is not considered real property.

How much is New York mortgage recording tax?

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%.

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