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what is mortgage tax

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October 06 2013 - New York
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By definition a mortgage tax is a tax charged by some state or local governments that is paid to the state when a mortgage is obtained. I hope this helps! If you are seeking a mortgage or have any further inquiries about loans, feel free to contact me.

Good Luck!
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November 13 2013
It is a mortgage recording tax that is paid in NY for properties located in NY and is calculated from the mortgage amount.  You can find a very useful tool by going to ACRIS system through the NYC Dept of Finance website.  You can run the mortgage tax calculations and get an exact figure based on the transaction and property.  Keep in mind that Cooperative's are not subject to the mortgage recording tax since you are not actually recording a mortgage when obtaining financing on a Coop.

If you are considering a refinance, then you may be eligible to file for a CEMA which would save you on the new recording tax.  In the even of a CEMA, the taxable amount will only be based on the difference in loan amounts as opposed to the entire new loan amount.
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November 13 2013
The mortgage is the amount charged by your lender. The taxes are based on the purchase price, and are a tax on the property itself.  
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November 13 2013

It is a recording tax that is imposed buy the city or county you are buying in.  The amounts vary so if you need a pdf outline I can send it to you.

Christopher Pagli -[Contact information and hotlink removed by Zillow moderator. Please see our Good Neighbor Policy for information.]

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November 13 2013
 
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