Transfer and Mortgage Recording Taxes in New York Title Closings
By David M. Goldberg
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Transfer and Mortgage Recording Taxes in New York Title Closings is a one-volume practice guide that describes these taxes in detail and gives attorneys both theory and practical guidance on how to minimize them. This book helps unravel the complexity of these taxes and examines the scope of their effect by summarizing the law and analyzing (including inconsistencies) statutes, regulations, and decisions. Authored by an expert in New York real estate law, this convenient guide covers topics such as:
• New York State real estate transfer tax.
• Mortgage recording tax.
• New York City real property transfer tax, plus local taxes for nine additional jurisdictions.
• Filing of returns and payment of taxes.
• Tax traps.
As noted by the author, the transfer of real property is the focus of the revenue raising needs of government. A real estate sale in New York will involve the New York State real estate transfer tax. If a mortgage is involved, there may be the mortgage recording tax. In addition, local real property transfer taxes apply to property in New York City, East Hampton, Riverhead, Shelter Island, Southhampton, Southold, Yonkers, Mt. Vernon, Erie County, and Broome County. This book provides guidance in dealing with these taxes.