Area and length, basic mortgage qualifying, and transfer, mortgage recording and property tax rates

Match the unit to the question

Length is measured in feet; area in square feet. Rectangle area = length × width. Rectangle perimeter = 2 × (length + width). Triangle area = ½ × base × perpendicular height. Divide square feet by 43,560 to obtain acres; multiply hectares by 2.471 to obtain acres.

A 120-foot by 150-foot lot contains 120 × 150 = 18,000 square feet. Its perimeter is 2 × (120 + 150) = 2 × 270 = 540 feet.

Qualify using both ratios

Gross monthly income = annual gross income ÷ 12. Housing ratio = monthly housing expense ÷ gross monthly income. Total debt ratio = (housing expense + other counted monthly debts) ÷ gross monthly income.

Assume $6,000 monthly income, a 30% housing limit, a 40% total debt limit, and $800 other monthly debt. The housing test permits $6,000 × 0.30 = $1,800. The debt test permits $6,000 × 0.40 = $2,400 total, leaving $2,400 − $800 = $1,600 for housing. Use the lower ceiling: $1,600. Subtract monthly taxes, insurance, and other required housing charges to find the remaining principal-and-interest allowance.

Keep tax bases separate

Transfer tax calculations use taxable consideration and the applicable rate and rounding convention. For an assumed $2 per $500 or fraction rate, divide consideration by $500, round the unit count upward, and multiply by $2. New York Tax Law § 1404 generally assigns the base transfer tax to the grantor, subject to contract allocation and statutory fallback liability. Under § 1402-a, a residential conveyance reaching $1 million triggers an additional 1% of residential consideration, not merely the excess over $1 million; the grantee ordinarily pays it.

New York Tax Law § 253(1) imposes a basic mortgage recording tax of $0.50 per $100 and each remaining major fraction of secured principal. This is one component, not the entire mortgage recording tax. Section 253 also provides special additional and additional taxes with distinct conditions.

Annual property tax = taxable assessed value ÷ rate unit × stated rate. At $20 per $1,000, a $150,000 taxable assessment gives $150,000 ÷ $1,000 = 150 units; 150 × $20 = $3,000. One mill is $1 per $1,000. New York Real Property Tax Law § 305 generally requires uniform assessment percentages within an assessing unit, subject to its classified-assessment exception. Assessment and market value can differ.

These examples isolate particular calculations; actual loan approval and tax bills depend on applicable requirements, exemptions, and additional charges.