Mortgage Recording Tax
Who is Subject to this Tax?
With certain exceptions, the Mortgage Recording Tax is imposed on mortgages
recorded with the New York City Register (or, in Staten Island, with the Richmond
County Clerk).
Download
New York State Technical Services Bureau Memorandum 04(9)R
Tax Forms and Filing Information
The relevant Mortgage Recording Tax information must be provided through
ACRIS at the time the mortgage documents are recorded. If the person recording
the mortgage claims an exemption from the tax, the appropriate affidavit must
be filed with the mortgage documents.
ACRIS Online City Register Information
Service
Tax Rates
There is a Statewide mortgage recording tax as well as the New York City mortgage
recording tax applicable to mortgages recorded in the City of New York. The
aggregate applicable rates are as follows:
- Where the principal amount of the mortgage is less than $500,000, the tax
rate is $2.05 for each $100, or major fraction thereof, of the principal amount.
However, if the mortgage provides that the property to be covered is 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 the principal amount of the mortgage is $500,000 or more and the property
to be covered is a one-, two-, or three-family house or individual residential
condominium unit, the tax rate is $2.175 for each $100, or major fraction
thereof, of the principal amount. Again, however, if the mortgage provides
that the property to be covered is 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 the principal amount of the mortgage 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.
Legal Authority
Title 11, Chapter 26, Administrative Code
Tax Law Section 253-a
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City Register
In Staten Island, the Richmond County Clerk handles this same function.
