The Real Deal New York

This month in real estate history: Historic mortgage recording tax takes effect

A look back at some of New York City’s biggest real estate stories

July 21, 2014 04:20PM
By Adam Pincus

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Andrew Carnegie

Andrew Carnegie

From the July issue: A fundamental change in the way that real estate loans were taxed in New York state took effect 108 years ago this month, as a new law imposed a one-time mortgage-recording tax, replacing an annual tax on property debts.

The state law took effect July 1, 1906, and imposed a one-time recording fee of 0.5 percent of the loan, to be paid by either the borrower or the lender. [more]

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