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New York State Mortgage Tax : New York Mortgage Tax

Confused with the New York state mortgage tax jargon? Not sure how to calculate the New York Mortgage Tax due for your purchase or refinance? Read on for information to help you figure your best mortgage tax options in New York.

New York City Mortgage Tax

Mortgage Tax in New York City is the most complicated: There is a state mortgage recording tax as well as the New York City mortgage recording tax applicable on all mortgages recorded in the City of New York. The combined total rates are as follows:

When the principal amount of the loan is less than $500,000, the tax rate is $2.05 for each $100 of the principal amount of the loan.. However, if the mortgage is on a one- or two-family house, the tax is reduced by $0.30 for each $100 of the first $10,000 of the principal amount.

For mortgage loan amounts greater than $500,000 the tax rate is $2.175 for each $100, or major fraction thereof, of the principal amount. If the mortgage is on a one- or two-family house, the tax is reduced by $0.30 for each $100 of the first $10,000 of the principal amount.

Where mortgage loan amount is $500,000 or more and the property to be covered is not a one-, two, or three-family house or individual residential condominium unit, the tax rate is $2.80 for each $100, or major fraction thereof, of the principal amount.

Throughout the state, New York mortgage tax varies on a county basis. Refer to this table for reference:

Counties with Mortgage Tax of $.75 per $100 of Mortgage:


Chemung

Chenango

Cortland

Greene

Hamilton

Jefferson

Madison

Montgomery

Ontario

Otsego

St. Lawrence

Tioga

Tompkins

Ulster


Counties with Mortgage Tax of $1.00 per $100 of Mortgage:

Allegany

Broome

Cayuga

Cattaraugus

Clinton

Delaware

Erie

Franklin

Fulton

Herkimer

Lewis

Livingston

Monroe

Niagara

Oneida

Onondaga

Orleans

Oswego

Saratoga

Schoharie

Schuyler

Seneca

Sullivan

Warren

Washington

Yates


Counties With Mortgage Tax of $1.05 per $100 of Mortgage:

Dutchess

Nassau

Orange

Putnam

Suffolk

Counties with Mortgage Tax of $1.25 per $100 of Mortgage:

Albany

Chautauqua

Columbia

Essex

Genesee

Rensselaer

Schenectady

Steuben

Wayne

Wyoming


Counties with Mortgage Tax of $1.30 per $100 of Mortgage:

Rockland

Westchester

CEMA - Consolidation, Extension and Modifcation Agreement. If you opt for refinancing your real estate loan at a higher amount, then you are required to pay tax only for the incremental amount of your loan and not the entire mortgage. However, you must first prove to the state that you have previously paid mortgage tax. This process is called a CEMA or Consolidation, Extension and Modification Agreement.

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