Falling asleep on my calculator LOL 64



According to the Tax Scheme Center, seven states cost taxes on mortgages: Kansas, Alabama, Minnesota, Oklahoma, Tennessee, New York and Florida. In New York, the lender is required to pay portion of the mortgage tax, but you can try to negotiate for the lender to pay out more of it as part of the mortgage process. The taxes can either be paid to the lender, who then passes the cash to the state department of revenue, or settled directly to the state.

Difficulty: Moderately Easy

Directions

Things You'll Require

Calculator Tax Rate Table

1 Divide the total sum of the mortgage by way of 100 if you live in Oklahoma, Tennessee, New York, Minnesota, Kansas or Florida. Separate the property value by 100 if you stay on Alabama.

3 Learn your tax rate by using the tax rate table (see References). For example, as regarding 2009, Florida charged $0.35 with every $100 regarding the mortgage.

4 Multiply the amount you calculated in Step 2 through the rate you found on Step 3 to decide your tax bill. For illustration, if you took out a $100,000 mortgage inside Florida, your tax bill would be $350.

Tennessee exempts the initial $2,000 regarding the loan from the mortgage tax. Oklahoma uses a series of tax rates based on the length of the mortgage. The longer the mortgage, the higher the tax rate you pay.

References

Tax Policy Center Minnesota Mortgage Tax Florida Mortgage Tax

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