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:
Disclaimer: Hauseit’s NYC Mortgage Recording Tax Calculator provides estimates that are meant to be illustrative and used for reference purposes only. The exact flip tax varies by building. Please consult the closing statement your real estate attorney will provide you for your exact closing costs. Hauseit and its affiliates do not provide tax, legal, financial or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal, financial or accounting advice. You should consult your own tax, legal, financial and accounting advisors before engaging in any transaction. The services marketed on Hauseit.com are provided by licensed real estate brokers and other third party professional service providers. Hauseit LLC is not a licensed real estate broker nor a member of any multiple listing service (MLS).