New York Mortgage Tax No Recorded Document is a type of document that is used to document the payment of mortgage tax in the state of New York. It is a commonly used form in the state of New York when a mortgage loan is recorded in the public records. The document is submitted to the Department of Taxation and Finance and is used to calculate the amount of mortgage tax due on the loan. There are two types of New York Mortgage Tax No Recorded Document: the No Recording Mortgage Tax Certificate (NR MTC) and the No Recording Mortgage Tax Receipt (NR MTR). Both documents must be completed and submitted in order to properly document the payment of mortgage tax.
New York Mortgage Tax No Recorded Document
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Mortgage Tax No Recorded Document
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If you refinance your mortgage for an amount that is equal to or less than your current principal balance. You will not be subject to the NYC Mortgage Recording Tax.
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.
New York State imposes a tax on the privilege of recording a mortgage 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.
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. Your mortgage lender will also contribute 0.25%.
A CEMA, or mortgage assignment, reduces your payment One way to reduce the amount of mortgage recording tax you pay is to do a financial maneuver called a mortgage assignment under a consolidation, extension, and modification agreement, also called a CEMA loan.
The mortgage recording tax requires purchasers to pay 1.8% on mortgage amounts under $500,000 and 1.925% on mortgage amounts above $500,000 in NYC (this includes the recording tax for both New York City and New York State). NY state imposes a mortgage tax rate of 0.5%.