- March 31, 2005
- All Issuing Offices in New York
- Proposed Increase in Additional Mortgage Tax as defined in Tax Law 253(2)(a)
The proposed budget bill contains a provision to increase the additional mortgage tax from .25/$100 of principal debt or mortgage obligation, to .30/$100 of principal debt or mortgage obligation, in the Metropolitan Commuter Transportation District.
Counties affected are:
New York City (all 5 boroughs);
The increase will be effective immediately upon signing of the bill.
Starting immediately, the new mortgage tax should be collected as follows:
|Westchester & Rockland||$1.30/$100 = 1.3%|
|Yonkers||$1.80/$100 = 1.8%|
|Dutches, Nassau, Orange, Putnam, Suffolk||$1.05/$100 = 1.05%|
|NYC under $500,000||$2.05/$100 = 2.05%|
|NYC-1,2,3 family $500,000 and over||$2.175/$100 = 2.175%|
|NYC all other over $500,000||$2.80/$100 = 2.8%|
Any mortgages not yet recorded should be recorded immediately to avoid the increase when it becomes effective as it applies to all mortgages presented for recording, regardless of the date of execution.
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