First-time home buyer costs in Central New York: taxes at and after closing

Mortgage recording tax

New York taxes a mortgage when it is recorded. In both Oneida County (since April 1, 2005) and Madison County (since February 1, 2020) the combined rate is $1.00 for each $100 the mortgage secures, so a $200,000 mortgage carries $2,000 of mortgage recording tax. It is paid to the county recording office when the mortgage is recorded and shows on your closing statement; your lender’s loan estimate shows how it is shared.

Transfer tax and the mansion tax

The state real estate transfer tax, $2 for each $500 of the price, is paid by the seller unless the contract says otherwise. Buyers pay the 1% mansion tax only on homes of $1 million or more.

Property taxes at closing

Each property tax is usually split at the closing date over the period it covers: you pay the seller back for days after closing that they already paid, and the seller credits you for earlier days not yet billed. Depending on the month you close, that can mean paying back several months of school or town tax at the closing table.

Your yearly property tax

At the 2026 published rates, the typical home in an Oneida or Madison County town pays between about 1.13% and 2.86% of its value a year depending on the town, or $2,835 to $7,155 on a $250,000 home, before special districts; villages and school districts move it within a town. The bill you get is often higher than the seller’s, because the seller’s STAR, senior, veterans and disability exemptions end with the sale.

Many lenders collect property tax monthly into an escrow account, so the tax becomes part of your monthly payment. Ask your lender how much they will hold at closing.

STAR for a first home

If it will be your primary residence and your household income is $500,000 or less, register for the STAR credit with the NYS Department of Taxation and Finance. New homeowners get STAR as a check toward the school tax, not as a lower bill.

Questions

What is the mortgage tax in Oneida County, NY?

The combined mortgage recording tax in Oneida County is $1.00 per $100 of the mortgage, $2,000 on a $200,000 loan.

What is the mortgage tax in Madison County, NY?

Since February 1, 2020, the combined mortgage recording tax in Madison County is $1.00 per $100 of the mortgage.

Does the buyer pay transfer tax in New York?

Normally no. The seller pays the state transfer tax unless the contract says otherwise. The buyer pays the 1% mansion tax on homes of $1 million or more.