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We help commercial property owners obtain a refundable tax credit worth up to $100,000, at no upfront fee.
We help commercial property owners obtain a refundable tax credit worth up to $100,000, at no upfront fee.
If you have done a mortgage on your commercial property during the last three years, you may be eligible for a credit on part of the mortgage recording tax. Given that it meets the following criteria:
Commercial property, including seven units or more.
Located in NYS.
The mortgage was done within the last 3 years.
What is mortgage recording tax?
What is mortgage recording tax?
Mortgage recording tax is a tax imposed by NYS and City on the privilege of recording a mortgage on real property located within the state. This tax is generally paid by the buyer and is due when the mortgage is recorded.
The mortgage recording tax in NYC is a percentage of the new mortgage debt amount and applies to new mortgages for acquisitions. In addition, New York City, Yonkers, and various counties impose local taxes on mortgages that are recorded in those jurisdictions.
The mortgage recording tax in NYC only applies to mortgage debt on real property, meaning condos, townhouses, multi-family properties etc.
What is the credit?
What is the credit?
The credit is on the full amount of the qualifying special additional mortgage recording tax paid.
Is the credit refundable?
Is the credit refundable?
Yes. Which means that if you don't owe taxes or have already paid your taxes, you'll be refunded the full amount.
How will I receive the refund and from whom?
How will I receive the refund and from whom?
You will receive a refund check in the mail from NYS Department of Taxation
How long does it take to receive the refund?
How long does it take to receive the refund?
It may take up to 4 months, but usually it is sooner.
What is the fee we charge?
What is the fee we charge?
We do not charge any upfront fee. We do have a contingency fee which is a percentage of whatever you receive. The rate is based on your particular scinario. Please reach out for more details.
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