Commercial mortgage recording tax refund in New York State!
I was meeting with a CPA on Friday who described a program in New York State that exists but that is not well advertised by the state for obvious reasons.
It applies only to commercial mortgages but the bottom line is that it provides for a mortgage recording tax refund of $2,500 per $1MM of mortgage amount and can be applied for by simply filing the proper paperwork with the state.
The refund is limited to commercial mortgages originated within three years of any given date, after which the refund will no longer be applicable.
In our discussions he said that not that many CPA’s are aware of the program.
If you or someone you know is involved in the buying, selling or financing of commercial real estate it sounds as if this is program that most definitely needs to be explored.
If interested in learning more, please let me know.
Mike Haltman, Partner
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