You need to pay MRT if you are:
- Buying a condo or townhouse with a mortgage
- You are refinancing your mortgage
You don’t need to pay MRT if you are:
- Buying a co-op apartment
- Buying a condo or townhouse with cash (without taking on a mortgage)
How Much Is Mortgage Recording Tax In NYC?
The effective Mortgage Recording Tax in NYC is:
- 1.8% for mortgages less than $500,000
- 1.925% for mortgages of $500,000 or more
How Is Mortgage Recording Tax Calculated?
Reducing Mortgage Recording Tax With CEMA
This way, you will only need to pay the mortgage recording tax on the difference. So the higher the mortgage loan the buyer has that can be transferred to you, the smaller the new mortgage amount will be, and so will the MRT amount.