FinancingNy_mortgage_taxMEDIUM
Sarah purchases a home in Albany County, New York for $450,000 with a mortgage of $360,000. What is the total New York State mortgage recording tax she will pay?
Correct Answer
A) $180.00
New York State mortgage recording tax is $0.50 per $100 of mortgage principal (or fraction thereof). Calculation: $360,000 ÷ $100 = 3,600 units × $0.50 = $180.00. This is the state-level tax only.
Answer Options
A
$180.00B
$225.00C
$360.00D
$450.00Why This Is the Correct Answer
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Key Terms:
mortgage_recording_taxstate_taxcalculationmortgage_amount
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