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Board of LegislatorsCounty Office Building, Room 201 7 Court Street Belmont, New York 14813 Phone: 5852689222WAYS AND MEANS COMMITTEE AGENDA October 17, 2018 1. Approval of Minutes October 9, 20182.
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How to fill out mortgage tax apportionment
How to fill out mortgage tax apportionment
01
Gather all necessary documents such as the mortgage contract, property tax assessments, and any other relevant financial records.
02
Determine the tax apportionment period, which is usually the calendar year or the fiscal year.
03
Calculate the total amount of property taxes paid for the year and the portion that is attributable to the mortgage.
04
Allocate the mortgage tax based on the percentage of the property that is financed by the mortgage. This can be calculated by dividing the mortgage loan amount by the total property value.
05
Complete the mortgage tax apportionment form provided by the tax authority or your financial institution.
06
Submit the filled-out form along with supporting documents to the relevant tax authority or financial institution.
07
Keep a copy of the completed form for your records.
Who needs mortgage tax apportionment?
01
Mortgage tax apportionment is typically needed by homeowners who have a mortgage on their property.
02
It is also required by financial institutions that provide mortgage loans.
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