New York Mortgage Recording Tax Claim For Refund

State:
New York
Control #:
NY-MT-15
Format:
PDF
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Description

Mortgage Recording Tax Claim For Refund
New York Mortgage Recording Tax Claim For Refund is a form used by homeowners to claim a refund of the mortgage recording tax that was paid when their mortgage was recorded. The form is used when the homeowner has refinanced their mortgage, paid off their mortgage, or the mortgage was assumed by another party. There are two types of New York Mortgage Recording Tax Claim For Refund: Type A and Type B. Type A is for claims where the homeowner has refinanced or paid off their mortgage, and Type B is for claims where the mortgage was assumed by another party. The form requires information such as the homeowner's name, the address of the mortgaged property, and the amount of the mortgage tax refund being claimed.

New York Mortgage Recording Tax Claim For Refund is a form used by homeowners to claim a refund of the mortgage recording tax that was paid when their mortgage was recorded. The form is used when the homeowner has refinanced their mortgage, paid off their mortgage, or the mortgage was assumed by another party. There are two types of New York Mortgage Recording Tax Claim For Refund: Type A and Type B. Type A is for claims where the homeowner has refinanced or paid off their mortgage, and Type B is for claims where the mortgage was assumed by another party. The form requires information such as the homeowner's name, the address of the mortgaged property, and the amount of the mortgage tax refund being claimed.

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FAQ

Do you have to pay NYS mortgage tax on a refinance? New York charges a NYS mortgage tax or specifically a recording tax on any new mortgage debt. This rate varies by county, with the minimum being 1.05 percent of the loan amount. But fortunately, homeowners aren't required to pay the tax again once they refinance.

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.

(2) 2.175% for all Mortgages of $500,000 or more, where the premises is a 1, 2 or 3 Family Residence or Residential Condominium, minus $30 for 1 or 2 Family Dwellings....NYS Mortgage Tax Rates. CountyTax RateZoneMadison0.75%1Monroe1.00%1Montgomery0.75%1Nassau1.05%258 more rows

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%.

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%.

Who pays the real estate transfer tax in New York? The tax is generally paid for by the seller and can't be imposed on the buyer. However, there are certain exceptions to this rule (new construction often transfers the obligation to the buyer).

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.

Is The New York Mortgage Recording Tax Deductible? The mortgage recording tax is not deductible in the way that real estate property taxes are on a primary residence or investment property. However, it does increase your cost basis for the property.

More info

An application for refund of the mortgage recording tax paid pursuant to Article 11 of the Tax Law must be filed on Form MT‑15. Also, you should present Form MT-15.1, Mortgage Recording Tax Claim for Refund, to the recording officer to claim a refund. Complete one refund request form for each Transaction ID. Section I General Information: •. Transaction ID number is on the recording and endorsement cover page. A brief statement as to the basis for the refund. A completed Claim of Refund Form. The request must be filed within four years of the date of sale and must include documents to support the refund claim. This form is available on Westlaw. Easily search more than 600,000 legal forms to find the exact form you need.

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New York Mortgage Recording Tax Claim For Refund