Local Credit Union Trying to Eliminate Mortgage Tax

The Hudson Valley Federal Credit Union is seeking to appeal a decision in order to take advantage of its non-profit status to reduce or eliminate the need for customers to pay a mortgage tax.  If Hudson Valley Federal Credit Union is successful with their appeal, they would be able to offer significant savings to their customers that other for-profit banks could not.  Currently, Ulster County fits in the category of New York counties with the lowest mortgage tax rate at $0.75 per $100.  On a the purchase of a $300,000 home, that would yield a mortgage tax of $2250–certainly not an insignificant amount.

You have to give credit to HVFCU for being aware of this potential loophole and fighting for savings it can potentially pass on to its members.  It will be interested to see what the outcome of their appeal is.

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