CB Title GroupCB Title Group
Close With Confidence

(973) 921-0990

IDA No Longer Exempt from Additional 1/4% Mortgage Tax

NYS Department of Taxation issued TSB-M-16(1)R imposing a tax of $0.25 per thousand on mortgages made by a County IDA within a Transportation District and $0.30 for counties within the Metropolitan Commuter Transportation District after July 1, 2017 pursuant to Tax Law 253(2).

The identity of the counties within a transportation district is listed on the attached memo. Click here to view.

Please fee free to contact our office if you have any questions regarding this or any other title matter.