Tonawanda News

Local News

November 6, 2012

Erie County reports town's mortgage tax revenue

Tonawanda News — Erie County Clerk Chris Jacobs announced Monday that his office notified the Town of Tonawanda that it will soon receive its share of the county’s mortgage tax.

Jacobs sent a letter to Supervisor Anthony Caruana and notified him that the town will be receiving about $550,616.63 for the period of April 1 through Sept. 30. 

“In these uncertain financial times it is important to make the amount known to the town immediately,” Jacobs said. “It is essential to assist the municipalities with their budgetary and cash flow planning.”

The clerk’s office collects mortgage tax based on real estate transactions in accordance with state formulas. 

Each month, the county retains $37,500 of the revenue as a processing fee. Twice a year, the county distributes the mortgage tax revenue to the three cities, 25 towns and 16 villages located within the county. 

The funds each area receives are based upon the total amount of mortgages entered into for each municipality. 

The town’s revenue, apart from aiding in budget planning, also provides an estimate of Tonawanda’s real property market value. 

1
Text Only
Local News
Featured Ads
Seasonal Content
Hyperlocal Search
Premier Guide
Find a business

Walking Fingers
Maps, Menus, Store hours, Coupons, and more...
Premier Guide
Facebook
Front page
NDN Video
Raw: Israel Bombs Multiple Targets in Gaza Veteran Creates Job During High Unemployment Raw: Cargo Craft Undocks From Space Station Widow: Jury Sent Big Tobacco a $23B Message New Orleans Plans to Recycle Cigarette Butts UN Security Council Calls for MH 17 Crash Probe Obama Bestows Medal of Honor on NH Veteran Texas Sending National Guard Troops to Border Hopkins to Pay $190M After Pelvic Exams Taped Foxx Cites Washington 'Circus Mirror' NASA Ceremony Honors Moon Walker Neil Armstrong Obama Voices Concern About Casualties in Mideast Diplomacy Intensifies Amid Mounting Gaza Toll AP Exclusive: American Beaten in Israel Speaks Obama Protects Gay, Transgender Workers Raw: Gaza Rescuers Search Rubble for Survivors Raw: International Team Inspects MH17 Bodies Raw: 25 Family Members Killed in Gaza Airstrike US Teen Beaten in Mideast Talks About Ordeal 'Weird Al' Is Wowed by Album's Success