Definitions for "Mortgage Tax"
Is a tax which is assessed against a new mortgage. It is usually paid by the borrower.
A tax on the amount of the mortgage which is only assessed in New York. Outside of New York City, the tax is usually .75%. In New york City, the tax is 1.75%. Coops are not taxed because you purchase shares in a corporation. Where the tax is assessed, the lender also pays .25%.
A city, county, or state tax that is assessed in the purchase and/or sale of real estate. A real estate tax may also be assessed when financing is obtained.