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Form MT-15:5 19:Mortgage Recording Tax Return:mt15

Form MT-15:5 19:Mortgage Recording Tax Return:mt15 2025

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The document provides detailed instructions for completing the New York State Mortgage Recording Tax Return (Form MT-15), including how to calculate the mortgage recording tax based on the assessed value of mortgaged properties located in various counties, particularly those within and outside the Metropolitan Commuter Transportation District (MCTD). It outlines specific lines for entering mortgage amounts, tax rates, and assessed values, as well as guidelines for apportioning taxes when properties span multiple localities. Additionally, it includes tables with tax rates for different counties and alternative methods for calculating taxes.

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What is the formula for determining the mortgage tax amount?

Amount financed x property tax rate = Mortgage tax amount The property tax rate is used to calculate property tax, which is usually based on the assessed value of the property, not the amount financed.

How to calculate mortgage recording tax?

Take the principal of your mortgage, which is the total amount you are borrowing from a lender, and divide it by 100. Next, round up the quotient to the nearest whole number. Take the result and multiply it by your states specific mortgage recording tax rate. Finally, check for allowances.

What is the mortgage recording fee 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%.

Is mortgage recording tax deductible?

Unlike mortgage interest, property taxes, or other deductions available to homeowners, MRT is considered a transactional expense and does not qualify as a personal tax deduction. The IRS does not allow taxpayers to deduct the cost of MRT when it is associated with purchasing or refinancing a primary residence.

How to calculate mortgage tax deduction?

Calculating your mortgage interest deduction is something you can do yourself. Divide the maximum debt limit by your remaining mortgage balance, then multiply that result by the interest paid to figure out your deduction.

What is the tax document for mortgage?

What is Form 1098? Form 1098 Mortgage Interest Statement is used by lenders to report the amounts paid by a borrower if it is $600 or more in interest, mortgage insurance premiums, or points during the tax year.

How much is NY 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).

What is the recordation tax on a mortgage?

A recordation tax is a tax generally paid by the buyer that is imposed by certain states as compensation for registering the purchase or sale of property as public record. Counties collect this fee where the transaction takes place, with rates and rules varying depending on each jurisdictions tax laws.

Form MT-15:5 19:Mortgage Recording Tax Return:mt15 2025

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