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Mortgage recording tax

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.

Tax rates

The following tax rates apply:

  • basic tax of 50 cents per $100 of mortgage debt or obligation secured.
     
  • special additional tax of 25 cents per $100 of mortgage debt or obligation secured.
     
  • an additional tax of 25 cents per $100 of the mortgage debt or obligation secured (30 cents per $100 for counties within the Metropolitan Commuter Transportation District). The recording of a mortgage is subject to the additional tax, unless the additional tax has been suspended in the county where the real property is located. If the real property is principally improved or to be improved by a one- or two- family residence or dwelling, the first $10,000 of principal debt or obligation secured by the mortgage is deducted in computing the additional tax.
     
  • city or county mortgage tax of 25 to 50 cents per $100 of mortgage debt or obligation secured, where applicable.

Form MT-15, Mortgage Recording Tax Return, has a current list of the various tax rates in effect by jurisdiction. This form is not used to file your tax unless the property is located in more than one locality, and the localities impose tax at different rates.

File and pay the tax

The tax is payable at the time of recording to the recording office of the county in which the mortgaged real property is located.

Forms and other information

Updated: November 18, 2011