Mortgage Recording Tax Increase for Albany and Schenectady County
Posted Date: 9/16/2005
Please be advised that effective November 1, 2005 the full mortgage tax to be collected by both the Albany and Schenectady County Clerk will increase to 1 ¼%.
When recording a typical residential mortgage in these counties, the lender’s portion of the mortgage recording tax will continue to be ¼% of the face amount of the mortgage. Effective November 1, 2005 the borrower’s portion will be 1% of the face amount of the mortgage.
Please note that any mortgage submitted for recording after October 31, 2005, regardless of when it closed, will have to include the additional tax.
Any exemptions, including the $25 one or two family exemption, will continue to apply.
Return to Industry News
