December 15, 2016
On October 1st, a change in New York Mortgage Tax law went into effect. Mortgages guaranteed by or participated in by an IDA, or Industrial Development Agency, are no longer exempt from all mortgage taxes, but will now have to pay New York’s special additional mortgage tax.
The special additional mortgage tax applies to New York City, as well as all other counties in New York which make up metropolitan commuter transportation districts. Outside of these counties, however, the tax is not applicable. Depending on the Transportation district, the tax consists of .25-.3 percent of the mortgage amount. You can find the information promulgated by the NYS Department of Taxation and Finance here.