Ulster County Mortgage Tax

Those of you who have purchased a home in Ulster County with a mortgage might have noticed a mortgage tax on your closing settlement statement. Where does this money go might you ask? In Ulster County, the county actually does not receive any portion of the mortgage tax, which is generated on mortgages used to purchase real estate. The total tax is $0.75 per $100 and it is distributed to the local municipality and state. Last year, the Ulster County Legislature tried to add $0.25 per $100 but the state would not grant that request. Ulster County is one of just 12 counties in New York State that does not receive proceeds of a mortgage tax.

Leave a Reply

Your email address will not be published. Required fields are marked *