NYC Additional Mortgage Recording Tax (§253-a)

N.Y. Tax Law § 253-a (Tax Law Art. 11)

Authorizes a city of one million or more (New York City) to impose, by local law, an additional mortgage recording tax. The graduated rate structure in effect since August 1, 1990 is $1.00 per $100 of principal debt for mortgages under $500,000; $1.125 per $100 for one-to-three family homes and individual residential condominium units securing $500,000 or more; and $1.75 per $100 for all other real property securing $500,000 or more. A portion of the tax is dedicated to the urban mass transit operating assistance account.