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🏡 Transfer Tax vs. Mortgage Recording Tax in Queens Who Pays What?

When buying a home in Queens, it’s important to understand the different taxes involved in the transaction. Knowing who pays Transfer Tax and Mortgage Recording Tax (MRT) can help you budget accurately and avoid surprises at closing.
When buying a home in Queens, it’s important to understand the different taxes involved in the transaction. Knowing who pays Transfer Tax and Mortgage Recording Tax (MRT) can help you budget accurately and avoid surprises at closing.

💰 1. Transfer Taxes (Seller Responsibility)

If you’re purchasing a home at $750,000 with 10% down, here’s what the transfer taxes look like:

  • NYC Real Property Transfer Tax (RPTT): 1.425%

  • NYS Transfer Tax: 0.4%

Who pays? Typically, these taxes are paid by the seller, not the buyer.

💳 2. Mortgage Recording Tax (Buyer Responsibility)

Mortgage Recording Tax (MRT) is calculated on the loan amount in this example, roughly $675,000 (purchase price minus 10% down).

Who pays? The buyer or borrower pays MRT at closing.

Important note: Co-ops in New York do not have a mortgage recording tax, making them a unique case for first-time homebuyers or investors.


📲 Need Exact Numbers for Your Deal?

Every transaction is unique, and taxes can vary depending on your loan and property type. DM us today, and we’ll break down transfer tax and MRT step by step so you know exactly what to expect.


Terms and Conditions apply.


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📍 Contact the LJ Realty Team

LJ Your Local Guide to Homeownership!

127-03 Rockaway Blvd South Ozone Park, NY 11420

📞 (516) 218-1297

LJ Realty Team Buy • Sell • Rent Equal Housing Opportunity

LJ Mortgage Team Inc. NMLS# 2120286Purchase & Refinance NYS Registered Mortgage Broker – NYS Dept. of Financial Services Broker arranges mortgage loans with third-party providers MORTGAGE BROKER ONLY, NOT A MORTGAGE LENDER OR CORRESPONDENT LENDER. Licensed by the N.J. Department of Banking and Insurance


 
 
 

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