Joseph C., Home Buyer in Dyker Heights, Brook...

What is the New York State Mortgage Tax? Is it refundable? I have heard that lenders pay a portion of it but do not understand how it works..

Asked by Joseph C., Dyker Heights, Brooklyn, NY Sun Jun 27, 2010

I have heard the term SIMA but I really don't understand what that is or means either. Can anyone clarify?

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Actually, it's a bit more complicated than that: There are both NYS and NYC mortgage recording taxes, and the total amount varies depending on whether the mortgage is on a 1 - 2 family house or a larger building or a condominium. The mortgagor (borrower) is responsible for the full payment of this amount at the time the mortgage is made. Your lawyer, accountant, or mortgage lender can provide you will all the details.
0 votes Thank Flag Link Sun Jun 27, 2010
Not knowing may details--your best source of advice regarding any taxes is your tax professional, consider having a consultation with him/her.
0 votes Thank Flag Link Sun Jun 27, 2010
The tax is 1.8% under $500,000 and over $500,000 it's 1.925%. The lender pays .25% besides what the borrower pays. As far as a tax refund I do not think so. It may be tax deductible, but that is a question for a licensed accountant. Charles D'Alessandro of Fillmore Real Estate for all your real estate needs!
0 votes Thank Flag Link Sun Jun 27, 2010
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