|
MORTGAGE TAX INCREASED!!
The New York State Legislature has approved an increase in the mortgage tax in counties within the Metropolitan Commuter Transportation District (Bronx, New York, Queens, Kings, Richmond, Suffolk, Nassau, Westchester, Rockland, Orange, Putnam and Dutchess). The bill is expected to be signed by the Governor shortly.
The bill proposes a Mortgage Tax increase of five cents per hundred. This increase does not affect the standard lender’s portion of the mortgage tax, which will remain at 25%. The increase is borne solely by the borrower.
In addition, properties improved or to be improved by a one-or-two family dwelling are now entitled to the special credit increase from $25.00 to $30.00 on the first $10,000 of mortgage principal.
The Seaport Title Agency - 106 Woodcleft Avenue - 2nd Floor - Freeport, NY 11520
Phone: (516) 867-5100 - Fax: (516) 867-5700
Copyright © 2005-2011 The Seaport Title Agency. All Rights Reserved.
|
|