NYC Mortgage Recording Tax Calculator

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Reduce your closing costs when buying in NYC with a Hauseit Buyer Closing Credit.

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The 2023 NYC Mansion Tax is a buyer closing cost of 1% to 3.9% of the purchase price, applicable to purchases of $1 million or more in NYC.
How Much is the NYC Mansion Tax in 2024?
The NYC Mansion Tax is a buyer closing cost which ranges from 1% to 3.9% of the purchase price, applicable on residential purchases of $1 million or more in New York City. The Mansion Tax is part of the real [...]
The NYC Mortgage Recording Tax is 1.8% for loans below $500k and 1.925% for loans above $500k. It does not apply to co-ops.
The Mortgage Recording Tax in NYC
The NYC Mortgage Recording Tax (MRT) is 1.8% for loans below $500k and 1.925% for loans of $500k or more. The MRT is the largest buyer closing cost in NYC. How much Mortgage Recording Tax you pay is based on [...]
Buyer closing costs in NYC are 1.5% to 6%. Buyer closing costs are higher for condos than co-ops. New developments have the highest closing costs.
How Much Are Buyer Closing Costs in NYC?
Buyer closing costs in NYC are between 1.5% to 6% of the purchase price. Buyer closing costs are higher for condos vs. co-ops, and closing costs are the highest for new developments (also known as sponsor units). The largest buyer [...]
What is a Purchase CEMA mortgage in NYC? Are purchase CEMA loans worthwhile?
Purchase CEMA Mortgage – Negotiating a Purchase CEMA Loan in NYC
A Purchase CEMA is a strategy for reducing your closing costs when buying or selling a condo or house in New York City. A Purchase CEMA is also known as a Purchase Consolidation Extension Modification Agreement. The Purchase CEMA itself [...]
Comprehensive guide on the J-51 tax abatement and what buyers should look out for. How to verify and calculate J51 benefits, expiration and more.
Buying an Apartment with a J-51 Tax Abatement
The J-51 tax abatement is one of the most misunderstood tax abatements when it comes to buying an apartment. Not only is it more rare to find in condos and co-op apartments for sale, its very complexity tends to tie [...]
The advantages of investing in NYC real estate vs. stocks include tax benefits, appreciation, diversification, inexpensive leverage and the fact that you have control.
NYC Real Estate vs. Investing in the Stock Market
Saving and investing your money in either NYC real estate or the stock market are both prudent ways to build your net worth over time. More often than not, there’s no clear answer to whether it’s worth investing in real [...]
Coop owners hold shares in a corporation that owns the building. Condo owners hold title to their apartments. Difference between co op vs condo explained.
Co-op vs. Condo in NYC: A Detailed Comparison
Co-op vs. Condo in NYC: A Detailed Comparison Key differences between co-op and condo apartments in NYC include the purchase price, buyer and seller closing costs, subletting restrictions, down payment and buyer financial requirements, the board approval process as well [...]
The cost of gut renovating a typical bathroom in NYC is between $20,000 to $50,000. A bathroom gut renovation is a stressful and time-consuming project.
How to Renovate a Bathroom in NYC
The cost of gut renovating a typical bathroom in NYC is between $20,000 to $50,000. A bathroom gut renovation is a stressful and time-consuming project. To make matters worse, there isn’t always a correlation between how much you pay a [...]
Why are commission rebates not more common in NYC? What are some common reasons why most real estate agents refuse to give buyer rebates?
Why Do Real Estate Agents Not Give Commission Rebates in NYC?
The vast majority of real estate agents do not give commission rebates in NYC because customers who demand rebates are generally more difficult to work with, and because buyers can re-negotiate the rebate amount and fire the buyer agent at [...]

Glossary

Mortgage Recording Tax (MRT) Rates in NYC

New York State imposes a Mortgage Recording Tax on real property located within the state. In addition, New York City, Yonkers, and various counties impose local taxes on mortgages that are recorded in those jurisdictions. Because co-ops are not considered to be ‘real property,’ the Mortgage Recording Tax does not apply to co-op apartments. This is a major reason why buyer closing costs are lower for condos vs. co-ops.

The Mortgage Recording Tax (MRT) Rates below for NYC include both the state and local components of the tax:

FAQ

How much is the Mortgage Recording Tax in NYC?

The NYC Mortgage Recording Tax (MRT) is 1.8% for loans below $500k and 1.925% for loans of $500k or more. The MRT is the largest buyer closing cost in NYC. How much Mortgage Recording Tax you pay is based on the size of your loan as opposed to the purchase price. The NYC Mortgage Recording Tax does not apply to co-op apartments.

How much are buyer closing costs in NYC?

Buyer closing costs in NYC, including the Mansion Tax, are approximately 4% for condos and houses, 2% for co-ops and 6% or more for new developments, assuming you are financing. Closing costs may be lower for an all-cash purchase. You can reduce your closing costs and save up to 2% on your purchase by requesting a Hauseit Buyer Closing Credit.

Is it possible to reduce my buyer closing costs in NYC?

Yes. You can reduce your buyer closing costs and save up to 2% on your purchase by requesting a buyer agent commission rebate through Hauseit. Rebates are a legal and non-taxable way to reduce your buyer closing costs while receiving traditional, full-service representation from a seasoned buyer’s agent throughout the purchase process.

How much can I save with a commission rebate?

At Hauseit, we offer buyers the ability to save up to 2 percent and reduce buyer closing costs through the largest broker commission rebate in NYC. The buyer of a $2 million property in NYC can save $40,000, assuming that the buyer agent commission being offered is 3 percent. Better yet, IRS has issued an opinion letter stating that closing credits and commission incentives provided by real estate brokers are generally not taxable.

How do buyer agent commission rebates work?

We pair you with an experienced, local partner buyer’s agent who will not only serve the role as a traditional, full-service buyer’s broker but who has already agreed to discreetly write you a check for up to 2 percent of the purchase price at closing, which comes out of the commission paid by the seller. Hauseit’s partner brokers are traditional brokerage firms and agents based locally in NYC who never openly discount or offer rebates online. Learn more here.

Published: 3/20/2019 | Last Updated: April 7th, 2020
Disclosure: Commissions are not set by law or any Realtor® association or MLS and are fully negotiable. No representation, guarantee or warranty of any kind is made regarding the completeness or accuracy of information provided. Square footage numbers are only estimates and should be independently verified. No legal, tax, financial or accounting advice provided.
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