Mortgage Tax
Description
Mortgage tax
It’s a tax deduction on the interest of a mortgage. This tax can only be deducted from state and federal income taxes if the mortgage payer itemizes on the tax return. A mortgage tax varies from state to state, and is based on the loan amount, the property value, and the type of property.
Website: Mortgage Tax Here you can find the mortgage tax rates per state. Also called mortage recording tax. It's a tax charged for mortgages recorded on property in seven states: Alabama, Florida, Kansas, Minnesota, New York, Oklahoma and Tennessee. In New York, the mortgage tax is 1 percent of the principal debt, which increases the closing costs of a mortgage in that state significantly.
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