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. |
