All commercial property in New York State must pay a recording tax upon financing. Very few individuals realize that there is a refund available on this tax. You can now access our network accounting service that enables individuals and companies to obtain refunds on a portion of the mortgage recording tax paid to finance or refinance commercial property in New York State.
Properties that qualify for the refunds:
All commercial property financed in New York State within the last 36 months to the present. This includes construction loans, vacant land, industrial buildings, garages, parking lots, motels, hotels, shopping centers, office buildings, apartment buildings etc. Even if you sold the property, it still qualifies for a refund.
Residential property must have seven (7) families or more living in the building.
The refund is approximately 9% in New York City; 19% in Westchester; and 24% on Long Island.
Work with an experienced accountant to facilitate and recapture your overages.
Download NYS Mtg Recording Tax Refund (539.8 KiB)