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Form MT 15519Mortgage Recording Tax Returnmt15
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People also ask
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Who pays mortgage recording tax in NY?
Key Takeaways. The borrower must pay most of the recording tax in New York City. Borrowers must include the recording tax cost in the total cost of the property. The recording tax rate is broken down by state, and local portions are due when the mortgage gets recorded.
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How to calculate NYC mortgage recording tax?
Calculating the Mortgage Recording Tax Rate On residential property worth $500,000 or less, the tax is 2.05%. On a property of $500,001 and above, the rate rises to 2.175%. In each case, the mortgage lender pays 0.25% of the tax while the borrower pays the rest.
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What is the mortgage tax rate in New York State?
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.
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What is the special additional mortgage recording tax in NY?
special additional tax of 25 cents per $100 of mortgage debt or obligation secured.
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How do I avoid mortgage recording tax in NY?
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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How to calculate NYC mortgage recording tax?
To calculate your NYC mortgage tax, you'll need to multiply the amount of your loan by your effective tax rate. For example, if you have a $1,000,000 mortgage, you'd owe a 2.175% mortgage tax or $21,750. However, your lender will typically pay $2,500 of that, meaning the total cost to you would be $19,250.
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How to record a mortgage in New York?
Mortgages should be recorded in the Office of the County Clerk of the county in which the real property being mortgaged is located. When recording a mortgage, it is your lender's responsibility to take the proper steps to ensure that the document meets all of the legal requirements for recording.
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What is the mortgage transfer tax in NY?
The New York State transfer tax is 0.4% for properties below $3,000,000 and 0.65% for those $3,000,000 and up. The New York City transfer tax is 1% for properties below $500,000 and 1.425% for those $500,000 and up. The transfer tax is based on the purchase price of the property.
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