County’s share of mortgage-recording tax reauthorized

ALBANY COUNTY — County Executive Daniel McCoy signed into law this week an extension of Albany County’s ability to get a cut of mortgage-recording taxes.

The extension signed by McCoy — which has been on the books since 2005 and has to be renewed every two years — makes the recording tax for Albany County residents $1.25 per $100 of mortgage. The basic tax is 50 cents, 25 cents goes to the county, 25 cents goes to the local municipality, and there is a 25-cent special-additional tax.

New York State, according to the Department of Taxation and Finance, “imposes a tax on the privilege of recording a mortgage on real property located within the state.”

Additionally, counties are able to impose a local tax on mortgages recorded in their jurisdiction; two cities — Yonkers and New York City — also impose a local tax.

 

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