June 19, 2013

Tax Credit Available for Special Additional Recording Tax Paid on Mortgages in New York State

If, in a tax year beginning on or after January 1, 2004, you paid the special additional mortgage recording tax (25¢ per $100 of mortgage debt or obligation secured) to record a mortgage on or after January 1, 2004 on real property in New York State, you may qualify for a credit for that amount. For example, a $10,000,000 mortgage will be approximately $25,000 in special additional tax paid to New York State.

To read the complete article and find out if you are eligible, click HERE.

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