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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Mortgage recording tax
info I found for whoever is asking!
Mortgages on a one or two family dwelling or individual residential condominium unit in New York City are taxed as follows:
For all mortgages securing less than
$500,000, the tax is 1.80% of the loan amount. For all mortgage securing $500,000 or more, the mortgage
recording tax is 1.925% of the loan amount. If a purchaser is simultaneously purchasing two
adjoining condominium units, the mortgage recording tax is 2.80% of the loan amount.
The mortgage recording tax in Nassau and Suffolk Counties is .8 % of the loan amount.
The mortgage recording tax in Westchester and Rockland Counties (except Yonkers) is 1.05% of the loan
amount.
The mortgage recording tax in Yonkers is 1.55% of the loan amount.
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Posted 11/14/06 12:19 PM  |
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kerrycec03
Mom of 2 beautiful boys!!
Member since 6/06 13519 total posts
Name:
Kerry
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Re: Mortgage recording tax
yippy, Long Island is the cheapest!!
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| Posted 11/14/06 12:20 PM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: Mortgage recording tax
Posted by kerrycec03
yippy, Long Island is the cheapest!!
thats bc they get us with the taxes
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| Posted 11/14/06 12:21 PM |
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dandr10199
Grace is growing up too fast!
Member since 10/05 11561 total posts
Name:
Dina
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Re: Mortgage recording tax
Posted by Meaghan729
Posted by kerrycec03
yippy, Long Island is the cheapest!!
thats bc they get us with the taxes
I was just going to write the same thing. 
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| Posted 11/14/06 12:23 PM |
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Samson7256
LIF Infant
Member since 5/06 93 total posts
Name:
John
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Re: Mortgage recording tax
Is mortgage recording tax just one of the elements of "closing costs" ? Is it the biggest cost ?
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| Posted 11/14/06 12:26 PM |
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dandr10199
Grace is growing up too fast!
Member since 10/05 11561 total posts
Name:
Dina
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Re: Mortgage recording tax
Posted by Samson7256
Is mortgage recording tax just one of the elements of "closing costs" ? Is it the biggest cost ?
Is mortgage recording tax just one of the elements of "closing costs"? YES
Is it the biggest cost? Depends on where you buy and how much your mortgage is.
HTH 
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| Posted 11/14/06 12:29 PM |
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kerrycec03
Mom of 2 beautiful boys!!
Member since 6/06 13519 total posts
Name:
Kerry
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Re: Mortgage recording tax
I know that taxes are higher in LI sillies....
It is the only time where you get a little break for living on the island, that's all I was saying.
We looked in the burroughs, just not the life for us. We'd rather commute.
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| Posted 11/14/06 12:39 PM |
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SweetTooth
I'm a tired mommy!
Member since 12/05 20105 total posts
Name:
Lauren
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Re: Mortgage recording tax
Posted by kerrycec03
I know that taxes are higher in LI sillies....
It is the only time where you get a little break for living on the island, that's all I was saying.
We looked in the burroughs, just not the life for us. We'd rather commute.
us too -
so with a 300K mortgage, it would be $2400 for the recording tax.
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| Posted 11/14/06 2:40 PM |
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Eleanor
LIF Adult
Member since 2/06 2223 total posts
Name:
Ellie
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Re: Mortgage recording tax
Posted by kerrycec03
yippy, Long Island is the cheapest!!
I think, you get most, if not all back with your tax return - assuming it's your primary home?
Message edited 11/14/2006 2:44:02 PM.
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| Posted 11/14/06 2:43 PM |
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