Tuesday, June 14, 2011

Mortgage Tax

New York City
Residential
For a loan amount less than $500,000.00, the rate is 2.05%.
The borrower pays 1.80% of the loan amount minus $30.00 if the property is a 1-2 family and the loan is $10,000.00 or more.  The lender pays .25% of the loan amount if the property is a 1-6 family.

For a loan amount of $500,000.00 or more, the rate is 2.175%.
The borrower pays 1.925% of the loan amount minus $30.00 if the property is a 1-2 family and the loan is $10,000.00 or more.  The lender pays .25% of the loan amount if the property is a 1-6 family.

Commercial
Properties that are not 1, 2, 3 family buildings or condos.
For a loan amount less than $500,000.00, the rate is 2.05%.  The borrower pays the entire amount.
For a loan amount of $500,000.00 or more, the rate is 2.80%.  The borrower pays the entire amount.


Westchester County except for Yonkers
Residential, the rate is 1.30%.
The borrower pays 1.05% of the loan amount minus $30.00 if the property is a 1-2 family and the loan amount is $10,000.00 or more.  The lender pays .25% of the loan amount if the property is a 1-6 family.

Commercial, the rate is 1.30%.  The borrower pays the entire amount.

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