Yes, thanks Norm. The property is actually in Delaware County, where the tax is 1%.
Thanks for your response. I'm going to get in touch with the Bank to make sure they do a CEMA for me.
Hello, I'm looking to refinance an existing mortgage with same lender without "cashing out". I've received conflicting information regarding the "mortgage tax" charged by the county. On one hand, I'm told that I won't have to pay this 1% tax as long as I'm not adding "new money" to the mortgage. On the other hand, I'm being told that I will have to pay this tax unless I do a CEMA? Please clarify.