FinancingNy_mortgage_taxMEDIUM
Sarah is recording a $360,000 mortgage in Albany County, New York on a 1-2 family home. The basic New York State mortgage recording tax is $0.50 per $100 of mortgage principal. Considering only the basic state tax (ignore special additional, local, and SONYMA components), how much state mortgage recording tax applies?
Correct Answer
B) $1,800.00
At the basic state rate of $0.50 per $100, $360,000 ÷ $100 = 3,600 increments × $0.50 = $1,800.
Answer Options
A
$180.00B
$1,800.00C
$3,600.00D
$2,675.00Why This Is the Correct Answer
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Key Terms:
mortgage_recording_taxstate_taxcalculationmortgage_amount
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