Coops are subject to city and state transfer taxes but not NY state mortgage recording tax. Transfer tax and mortgage recording tax are totally different taxes. When you finance a coop it is actually not a mortgage it is a coop loan since a coop is not "real property" that is why coops are exempt from mortgage recording tax. There is no mortgage to record.
NY state mortgage recording tax is paid by buyers of condos and townhouses that are financing their purchase. Transfer taxes are paid by sellers except when a buyer purchases from a sponsor (new construction, conversion or un-sold shares in a coop) Often the buyer will pay the sponsor's transfer taxes.
When you sell and transfer your coop stock certificate you will have to pay city and state transfer tax but not when you re-finance. Although your coop board most likely will have to approve your re-financing.
Mitchell Hall, Associate Broker
The Corcoran Group
You only pay transfer taxes when you sell. Coops aere exempt from NY state mortgage recording tax because coops are not "real property" they are considered "personal property" shares in a corporation. A mortgage broker/banker must provide a "good fairth estimate" of mortgage related closing costs.
Mitchell Hall, Associate Brok
The Corcoran Group
Transfer tax would only apply on a condo or townhouse, and only if it were truly "transferring" from one owner to another. Since you are refinancing, and the property is not being transferred from one owner to another it would not apply, nor would it ever for property that is not "real property" (real estate) which a co-op is not. When you own a co-op you own shares in a corporation, not "real property." By the way, you say "NY transfer tax." There are actually two kinds of transfer tax, NYC and NYS, but again, not in your case.
Halstead Property, LLC