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Multi-county Mortgage Tax

By KATHLEEN HENNESSY
Multi-County Mortgage Tax

The following blog is part of our New York team's “To the Point” title insurance news blog series. Learn more about the series on our New York Metro or Upstate New York market pages.

When recording a mortgage that covers property located in multiple New York State counties, it must be recorded in each county. However, you can avoid paying mortgage tax in every county by paying the tax in the county where the mortgage is first recorded and obtaining a certified copy to submit to the remaining counties.

If the mortgage tax rates differ among the counties, you have two options:

  1. Record in any county and submit a completed Form MT-15 Mortgage Recording Tax Return to pay the tax based on the assessed value of the properties encumbered. Present a certified copy of the first recorded mortgage with proof of tax payment and an affidavit to the other counties.
  2. Record first in the county imposing the highest mortgage tax rate and pay the tax in full as if the property were entirely within that county. Then present a certified copy of the first recorded mortgage with receipt of tax paid and an affidavit to the remaining counties. The taxpayer may file Form MT-15.1 Mortgage Recording Tax Claim for Refund either with the recording officer at the time of submission or with the New York State Tax Department within two years from the date of erroneous payment.

If you have questions, please contact your NY Metro Underwriting Team.

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