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New York Mortgage Tax Information
New York State Mortgage Tax varies and depends on such factors a property type, taxable property value and rate. Mortgage tax becomes due when the mortgage is recorded. If refinancing to a higher mortgage loan that the preexisting, mortgage tax only has to be paid on the additional amount and not for the entire mortgage. Some different types of New York State mortgage taxes are:
- Real property transfer gains tax
- Real estate transfer tax
- Mortgage recording tax
Which type of tax or taxes has to be paid depends on the type of real estate transaction taking place. Tax rates for New York properties will differ between family homes, apartment buildings, co-ops and commercial properties.
Part of this New York State mortgage tax goes towards the town or city where the mortgage property is located. .25% of the mortgage tax paid goes directly to the state of New York. When refinancing or registering a mortgage information on the previous mortgage such as: value of property on which tax has been paid, appreciation of the property, rise in mortgage debt and current mortgage interest rate(s). See below for local mortgage tax rates.
| County | Mortgage Tax Rate |
|---|---|
| Allegany | 1.000% |
| Cattaraugus | 1.000% |
| Cayuga | 1.000% |
| Clinton | 1.000% |
| Albany | 1.250% |
| Bronx | 2.050% |
| Broome | 1.000% |
| Chautauqua | 1.250% |
| Chemung | 0.750% |
| Chenango | 0.750% |
| Columbia | 1.250% |
| Cortland | 1.000% |
| Delaware | 1.000% |
| Dutchess | 1.300% |
| Erie | 1.000% |
| Essex | 1.250% |
| Franklin | 1.000% |
| Fulton | 1.000% |
| Genesee | 1.250% |
| Greene | 0.750% |
| Hamilton | 1.000% |
| Herkimer | 1.000% |
| Jefferson | 0.750% |
| Kings | 2.050% |
| Lewis | 1.000% |
| Livingston | 1.000% |
| Madison | 0.750% |
| Monroe | 1.000% |
| Montgomery | 0.750% |
| Nassau | 1.050% |
| New York | 2.050% |
| Niagara | 1.000% |
| Oneida | 1.000% |
| Onondaga | 1.000% |
| Ontario | 0.750% |
| Orange | 1.050% |
| Orleans | 1.000% |
| Oswego | 1.000% |
| Otsego | 0.750% |
| Putnam | 1.050% |
| Queens | 2.050% |
| Rensselaer | 1.250% |
| Richmond | 2.050% |
| Rockland | 1.300% |
| Saratoga | 1.000% |
| Schenectady | 1.250% |
| Schoharie | 1.000% |
| Schuyler | 1.000% |
| Seneca | 1.000% |
| St. Lawrence | 0.750% |
| Steuben | 1.250% |
| Suffolk | 1.050% |
| Sullivan | 1.000% |
| Tioga | 0.750% |
| Tompkins | 0.750% |
| Ulster | 0.750% |
| Warren | 1.000% |
| Washington | 1.000% |
| Wayne | 1.250% |
| Westchester | 1.300% |
| Wyoming | 1.250% |
| Yates | 1.000% |
| Yonkers | 1.800% |