Westchester Mortgage Recording Tax Calculator
Financing a purchase in Westchester County? You’ll owe Mortgage Recording Tax on your new loan — 1.3% of the loan amount in most of Westchester, or 1.8% in Yonkers, which sets its own higher rate. Co-ops are exempt, since a co-op loan is secured by stock, not real property.
Want your full buyer closing costs, not just mortgage recording tax? See our Westchester Buyer Closing Cost Calculator, or all our calculators.
Glossary
Most of Westchester charges 1.3% of the loan amount, with a $30 credit for owner-occupied 1-2 family homes. Yonkers sets its own higher rate: 1.8%, also with the $30 credit for 1-2 family homes. Loans of $10,000 or less get a lower flat rate (1%, or 1.5% in Yonkers) with no $30 credit.
The borrower is legally responsible, but 0.25 percentage points of the total rate is customarily paid by the lender rather than passed on to the buyer — a long-standing market practice in the New York area, not a legal requirement. The breakdown above splits the total this way.
Mortgage Recording Tax applies to mortgages secured by real property. A co-op purchase is legally a stock purchase with a proprietary lease, not real property, so a co-op loan is secured by a UCC-1 filing on the shares rather than a recorded mortgage — no Mortgage Recording Tax applies.