Co-op vs Condo Mortgage Tax
Started by jake
almost 19 years ago
Posts: 277
Member since: Jan 2007
Discussion about
Do New York State mortgagae taxes only apply to condos and not to co-ops? Is it correct that the mortgage tax on mortgages over $1mm is 1.925% and this applies to condos but does not apply to coops? Below is from the Manahttan Mortgage web site under condos. There is no mortgage tax language under the coop section. It looks like the mansion tax applies to both condos and coops. NY STATE MORTGAGE TAX: NYC – 1.80% of loan amount (less $30 on 1-2 family dwellings) on loans of less than $500,000 for 1-4 family dwellings, 1.925% (less $30 on 1-2 family dwellings) on loans of $500,000 or greater for 1-3 family homes, and 2.55% on loans of $500,000 or greater for 4 family dwellings
Mansion tax applies to both but Coops are not subject to the mortgage tax.