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What’s the mortgage tax rate in New York City? I keep reading different things.

The scoop from mortgage guy extraordinaire Trevor Curran:
All mortgages on one- to three-family dwellings, including individual residential condo units, with a mortgage of $500,000 or more, the total tax rate is 2.175%. A quarter percent is usually paid by the lender, making the borrower’s effective tax rate, 1.925%.

So on a $600,000 mortgage, the mortgage tax paid by the borrower is $11,550.

For mortgages under $500,000, the rate is 2.075%. Again, since a quarter-point is usually picked up by the lender, the borrower’s effective tax rate is 1.80%.

So on a $400,000 mortgage, the mortgage tax paid by the borrower is $7,200.