A borrower in Syracuse is refinancing their mortgage and the new loan amount is less than the original mortgage being satisfied. Under New York law, how is the mortgage recording tax calculated for this refinance?
Correct Answer
B) Tax is due on the full amount of the new mortgage being recorded
New York mortgage recording tax is due on the full principal amount of any new mortgage being recorded, regardless of whether it is more or less than a previous mortgage being satisfied. Each mortgage recording is treated as a separate taxable event.
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Related Topics & Key Terms
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