Tax Bulletin MR – 580

New York State’s Department of Taxation and Finance has issued a Tax Bulletin MR-580 (TB-MR-580) captioned “Mortgage Partially Securing Multiple Debts or Obligations”.  This tax bulletin explains how the mortgage recording tax is applied to mortgages partially securing multiple debts or obligations when the amounts secured by those mortgages are subject to a cap, a provision specifying the maximum amount that may be secured.

To read more follow the link below:

http://www.tax.ny.gov/pubs_and_bulls/tg_bulletins/mrt/multiple_obligations.htm

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SMPR Title Agency is a New York Title Insurance company. Our Title Insurance Agency is composed of real estate experts who provide our clients with comprehensive property transaction services including: Property Title Insurance, Mortgage Lender Insurance, Title Searches and Documentation Preparation Services.

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