- Definition, Format & Examples, Exigent Circumstances: Definition & Cases, Preliminary Injunction: Definition & Example, What is a Trademark? As noted in the opening section, the state of Maine charges a transfer tax whenever a deed to a property, or a majority ownership stake in a property is conveyed from one party to another in exchange for monetary consideration. PL 1995, c. 479, 1 (AMD). News Releases. Home At the risk of spoiling the plot, it is essential to know that real estate transfer taxes do not apply when a property is transferred between family members. PL 2017, c. 288, Pt. The rate of tax is $2.20 for each $500 or fractional part of $500 of the value of the property being transferred. Forms not received timely may be denied an exemption or reduction. Do not enter Social Security Numbers for individuals. What do I do if my declaration is returned to me by the Registry of Deeds? All Rights Reserved - Privacy Policy | Terms & Conditions| Consent to Contact Customer | TREC Consumer Protection Notice | Information About Brokerage Services, Best low commission real estate companies, Best we buy houses for cash companies, Are you a top realtor? Municipal staff and designated individuals must contact the Property Tax Division to request an account. How to Create a Real Estate Tax declaration? Property owners would receive an exemption of $25,000. Users to create and electronically file RETT declarations; Municipalities to view and print RETT declarations and to update data for the annual turn around document. You may only view those declarations reporting property in your municipality. Click on Create an Account, a yellow box on the right side of the screen. To view PDF or Word documents, you will need the free document readers. To unlock this lesson you must be a Study.com Member. Of course, you want an attorney to look at the necessary documents regarding the homes purchase, and the attorney needs to get paid. The seller pays 1.25%. SelectContinueif you wish to move forward with completing the declaration. MEETRS File Upload Specifications & Instructions, Alphabetical Listing by Tax Type or Program Name, Renewable Energy Investment Exemption Application (PDF), Flowchart of Veteran's Exemption Qualifications (PDF). In 2022, the Maine Legislature enacted an expanded benefit for veterans through the Property Tax Fairness credit. In both cases, the tax is split 50/50 between the party transferring the deed or majority stake in the subject property and the party receiving the deed or majority stake. Important Notice About Property Taxes For Buyers and Sellers of Real Estate (PDF). The Real Estate Transfer Tax (RETT) database is an electronic database that allows: 2. The amount to be withheld is equal to 2.5% of the sale price. More information and instructions can be found on our forms page, from the link below. For more information see36 M.R.S. E, 2-4 (AMD). Deeds by subsidiary corporation., 9. 20 Transfer Tax Rates If there is a transfer of a majority ownership stake executed without a deed, both parties to the transaction have thirty days to report the transfer to the Register of Deeds. You might not be charged capital gains tax if you lived in the house that you sold more than two years. E, 2 (AMD); PL 2019, c. 417, Pt. To view PDF, Word or Excel documents, you will need the free document readers. The declaration moves to the Registry queue in the county where the property is located. In addition to government. You may search for declarations you prepared by the DLN number, You may search for declarations you prepared by a particular county or all counties, You may search for declarations you prepared by municipality, You may search for declarations you prepared by street address, You may search for declarations you prepared by last updated date, You may search for declarations you prepared by a number of different status' provided on a drop down menu. You sell a property and make money on the sale. Talk with your agent to see if you could be exempt from this tax. The bank incurs costs from processing your loan, so you help pay for the cost by paying an application fee. But did you know that a large chunk of your closing cost is a transfer tax? Certain corporate, partnership and limited liability company deeds., 17. This lesson will examine Maine's real estate transfer tax. The tax is imposed on the grantor, on the grantee. In addition to the federal levy, some states charge their own estate taxes with . In Maine, spouses, parents, children, grandparents, and grandchildren can transfer ownership to and from each other without having to pay a transfer tax. While this benefit is based on the property tax paid by veterans, the benefit is administered through the individual income tax. Real Estate Transfer Tax Database (for municipalities) FAQ. Municipal Property Tax Forms NOTE: Do not follow the links in the left menu; those links provide information for sales tax and income tax only. All of the above exemptions require completion of an application to the local town office where the property is located. There are 21 exemptions to the transfer tax laws as outlined in Chapter 711-A: Real Estate Transfers document. How to Create a Real Estate Transfer Tax declaration? Mortgage deeds, deeds of foreclosure and deeds in lieu of foreclosure., 3. Maine has a variety of taxes. This rate is split evenly between the seller and the purchaser. Once you call the Property Tax Division and provide the necessary information, you will receive an email with a link to the database. Alternate formats can be requested at (207) 626-8475 or via email. I, 6 (AMD); PL 2001, c. 559, Pt. Users to create and electronically file RETT declarations; Municipalities to view and print RETT declarations and to update data for the annual turn around document. When learning about complicated issues like taxes and closing costs, sometimes it is easier to have an expert sit across the kitchen table from you to explain things. How do I print copies of RETTDs for a particular period? PL 1977, c. 318, 1 (RPR). 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The data you enter can be downloaded by the Property Tax Division and you will not have to reenter it on the hard copy or Excel spreadsheet. Data for this page extracted on 11/21/2022 16:00:03. There is no fee to obtain an account or to access and use the database. The Registrar will review the declaration when the deed is received for recording. All fields marked with a red asterisk (*) must be completed. [PL 2001, c. 559, Pt. Am I able to search for a specific RETT declaration on the database? This form must be submitted at least 5 business days prior to the closing. Back to top 2. The declaration of value form is a summary of the transaction which includes the signature of both parties to the transaction, their tax ID numbers, the assessor's parcel number of the subject property and the price of the property. Home What happens to the declaration after I process it? E, 3 (AMD); PL 2019, c. 417, Pt. PL 1985, c. 691, 32 (AMD). The average homeowner who purchases a $150,000 home will pay approximately $3,700 in closing fees. A unique email address is required for each account. Note that for sales occurring on or after January 1, 2021, this withholding requirement applies to sales of property only when the consideration paid is $100,000 or more (previously $50,000). Blind Exemption- An individual who is determined to be legally blind receives $4,000. 2. Home When the deed reflecting the new owner is presented to the Register of Deeds for recording, the register will calculate the amount due based on the information included in the declaration of value form, which must be signed by both parties to the transaction. Can I search for and view for declarations that I have submitted? interpretation of Maine law to the public. Taxes All you need is Internet access. Am I able to search for a specific RETT declaration on the database? To view PDF or Word documents, you will need the free document readers. 5. 6. We offer this because we're confident you're going to love working with a Clever Partner Agent. The transfer tax is paid, so the ownership of the property is transferred from the seller to the buyer. MRS does not guarantee the accuracy of calculations in fillable PDF forms; Check all numbers. PL 2009, c. 361, 26 (AMD). The Property Tax Division is divided into two units: Municipal Servicesand theUnorganized Territory. The Director, Real Estate Transfer Tax will play an instrumental role in the development of the Real Estate Transfer Tax section of the Property Tax Consulting Practice. Delaware's transfer tax at the time of this writing is 2.5% of the property's sale price plus a county transfer tax of up to 1.5% - a total of 4%. Houses (1 days ago) Certain transfers are exempt from the transfer tax. Once these fields are filled, select. Enrolling in a course lets you earn progress by passing quizzes and exams. Transfers pursuant to transfer on death deed., [PL 2017, c. 402, Pt. The rate of tax is $2.20 for each $500 or fractional part of $500 of the value of the property being transferred. Deeds pursuant to mergers or consolidations., [PL 2009, c. 361, 26 (AMD); PL 2009, c. 361, 37 (AFF). In addition to government transfers, the following deed conveyances and ownership stake transfers are exempt from the Maine real estate transfer tax: Contrary to popular belief, a deed is not officially transferred between two parties when the transaction closes. I, 15 (AFF). ], 8. Partially exemptproperty tax relates to the following categories: Homestead Exemption-This program provides a measure of property tax relief for certain individuals that have owned homestead property in Maine for at least 12 months and make the property they occupy on April 1 their permanent residence. Homestead Exemption Application (PDF) Click on one of the following yellow buttons on bottom page: Select Save Draft if you wish to save the data entered and return to it as a later time; Select Cancel if you wish to not save what you have entered; Select Continue if you wish to move forward with completing the declaration. If you don't love your Clever partner agent, you can request to meet with another, or shake hands and go a different direction. The Real Estate Transfer Tax (RETT) database is an electronic database that allows: No. There is no fee to obtain an account or to access and use the database. B, 8 (AMD). The online RETTD Public Lookup Application allows users to review and download or print PDF versions of RETTDs going . Property owners would receive an exemption of $25,000. 21 chapters | To view PDF or Word documents, you will need the free document readers. To apply for an exemption or reduction, use Form REW-5. parent to child, grandparent to grandchild or spouse to spouse). Morris and Tom are 50/50 co-owners of a large property in Kennebunkport. 691 - 700-B. State, local and federal government agencies that are receiving or conveying a deed to a property are not required to pay the real estate transfer tax. You must be logged into your account to create a declaration. What is the Real Estate Transfer Tax database? As such, each party is required to pay $1.10 per every $500 or $2.20 for every $1,000 of the price of the home. You can look at the tax form on the State of Maines website, but unless you are an accountant or lawyer, it may not make much sense to you. PL 1999, c. 638, 44-47 (AMD). The database will allow you to view RETT declarations reporting property transfers in your municipality. Income/Estate Tax Clevers Concierge Team can help you compare local agents and find the best expert for your search. PL 1993, c. 398, 4 (AMD). 651 - 684. The search features on theTurn Around Documentstab should allow you to locate any declaration recorded at the registry after June 2005. Are you wondering if you meet any of the other 19 exemptions listed in the document? Exemptions; Maps; Personal Property Tax Information; Real Estate Tax Information; Real Estate Transfer Tax Declaration Search; Research Deeds Online; Stabilize Property Taxes for Individuals 65 Years of Age or Older; State Property Tax Deferral Program; Tax Bills; Tax Increment Financing; Tax . FAQ ], 21. Skip First Level Navigation | Skip All Navigation. All other trademarks and copyrights are the property of their respective owners. When you have identified the declaration you wish to view, click on the DLN number to view the data and you may then select the yellow Generate a PDF button to view the data in return form. I feel like its a lifeline. to a transfer of title from one organization exempt from federal taxation under section 501 of the united states internal revenue code of 1986, as amended, to another organization which is also exempt from federal taxation under section 501, when both the transfer organization and the transferee organization are created by or result from the B, 14 (AFF). Some individuals may be eligible for an exemption or reduction of the required REW payment. In 2022, the Maine Legislature enacted an expanded benefit for veterans through the Property Tax Fairness credit. PL 2017, c. 402, Pt. The current rate for the Maine transfer tax is $2.20 per every $500 of the sale. After review, the Registrar will either accept the declaration or reject the declaration back to the preparer. Forms not received timely may be denied an exemption or reduction. Maine Non-resident Income Tax Withholding Maine law requires a purchaser of Maine real estate to withhold income tax totaling 2.5 percent of the consideration paid for the property. Log into your municipal account and click onPrint Batchnear the top center of the page. Certain classes of property are tax exempt by law. The DLN (document locater number) is a unique number assigned to that declaration. The Real Estate Transfer Tax (RETT) database is an electronic database that allows: Electronically filed declarations will be available to municipalities to view and print via the database in 3-5 days from date of filing with the registry. Access the link https://www1.maine.gov/cgi-bin/online/mrs/rettd/index.pl. Property owners would receive an exemption of $25,000. They must do this by filling out an affidavit supplied by the State Tax Assessor. ], 16. 36 M.R.S. I, 15 (AFF). PL 2005, c. 397, C21 (AMD). Transfer Station & Bulky Waste; Taxes/Assessing. You may also search by theDLN(document locator number); this unique number is displayed on the database and on the printed copy currently mailed to the municipality. If you Delete the document, the registry will not be able to record the deed. FAQ The Maine real estate transfer tax is due whenever a deed to a property, or a majority ownership stake in a property is conveyed from one party to another in exchange for monetary consideration. https://www1.maine.gov/cgi-bin/online/mrs/rettd/index.pl. B, 14 (AFF). Eric McConnell is a former property manager and licensed real estate agent who has trained numerous employees on the fundamentals of real estate. Home Taxes Non-Maine residents who sell real property located in Maine are subject to a withholding from the total sale price of the property, to be used as an estimated tax payment towards any Maine tax liability on the gain realized from the sale. PL 2017, c. 402, Pt. You will receive an email informing you when a declaration is rejected by the Registry. The following are exempt from the tax imposed by this chapter: A copy of the Section 1031 like-kind exchange contract must accompany the request for exemption form. Certain transfers are exempt from the transfer tax. for the purposes of this subsection, only the united states, the state of maine and their instrumentalities, agencies and subdivisions are exempt from the tax imposed by section 4641-a; except that real property transferred to the department of transportation or the maine turnpike authority for transportation purposes; gifts of real property to Home BENEFITS PACKAGE: Hybrid work . The Revisor's Office cannot provide legal advice or There are 21 exemptions to the transfer tax laws as outlined in Chapter 711-A: Real Estate Transfers document. Questions about this Service? REW Forms REW FAQ Email Questions Contact Information: E, 4 (NEW); PL 2019, c. 417, Pt. Paraplegic Veteran- A veteran who received a federal grant for a specially adapted housing unit may receive $50,000. The Registry of Deeds, Maine Revenue Services and the municipality may access the declaration by entering that DLN into their database. Exemptions State, local and federal government agencies that are receiving or conveying a deed to a property are not required to pay the real estate transfer tax. C, 106 (AMD). No. The Register of Deeds will then forward 90% of the fee collected to the Maine state tax assessor. ], 20. Thats why you should reach out to a Clever Partner Agent in Maine. Can I search for and view for declarations that I have submitted? B, 14 (AFF). Is there a fee to use the RETT database? Fully exempt property tax may include real estate or personal property owned by governmental entities . What happens to the declaration after I process it? 171 lessons. The buyer of the property will withhold and remit the Real Estate Withholding money to Maine Revenue Services using form REW-1. The state valuation is a basis for the allocation of money appropriated for state general purpose aid for education, state revenue sharing, and for county assessments. Click onSearch. Veteran Exemption- A veteran who served during a recognized war period and is 62 years or older; or, is receiving 100% disability as a Veteran; or, became 100% disabled while serving, is eligible for $6,000. - Summary & Concept, Intrusion Detection Systems (IDS) in Data Security, Collision & Broadcast Domains: Definition & Difference, Software Development Tools: Assemblers, Profilers & Editors, What Is a Case Brief? 4641-4641-N The transfer tax is collected on the following two transactions. B, 14 (AFF). Both the buyer and seller pay transfer taxes in Maine. PL 2001, c. 559, I15 (AFF). Revised: 4/8/2022 PL 1975, c. 572, 1 (NEW). Call: (207) 624-5606 PL 2005, c. 397, C22 (AFF). At the risk of spoiling the plot, it is essential to know that real estate transfer taxes do not apply when a property is transferred between family members. - Definition, Registration & Examples, Tripartite: Definition, Agreement & Model, Working Scholars Bringing Tuition-Free College to the Community, Deeds transferred when transferor is on death bed, Deeds issued to clear a clouded title or correct an error on a previously recorded deed, Deeds issued between immediate family (e.g. Real Estate Transfer Tax Database (for originators) FAQ. Its like a teacher waved a magic wand and did the work for me. What do I do if my declaration us returned to me by the Registry of Deeds? PL 1997, c. 504, 10-12 (AMD). The buyer. Enter the month, date and year in the begin and end boxes for the RETTDs that you wish to print. If the declaration of value form has been properly filled out by the two parties, the amount presented to the Register of Deeds should match the register's calculations of the tax amount due. Fully exemptproperty tax may include real estate or personal property owned by governmental entities, school systems, and other institutions. This tax, which can be collected by the city, county, or state (or all three), is usually based on a percentage of the sale price of your home. Limited liability company deeds., [PL 2001, c. 559, Pt. PL 1993, c. 647, 1-4 (AMD). The tax rate is $2.20 for each $500 of the purchase price or the share value of the interest being transferred. None of the information required to create an account is shared; MRS may use the information to contact the municipality if a need arises. PL 2017, c. 402, Pt. We administer the real estate transfer tax, commercial forestry excise tax, controlling interest transfer tax, and telecommunications business equipment tax and we determine annually the amount of tax reimbursement to each town for veteran, homestead, and animal waste facility exemptions, and tree growth tax loss reimbursement. The tax is imposed on the grantor, on the grantee. PL 1995, c. 462, A69-71 (AMD). (If the Delaware county imposes no transfer tax, the state can then impose a tax as high as 3% of the property value.) Click on the yellow Continue to Log In button then log into your account by entering your Account Number and Password and clicking on the yellow Log In box. Please contact our office at 207-624-5606 if you have any questions. Taxes The Real Estate Transfer Tax (RETT) database is an electronic database that allows: Users to create and electronically file RETT declarations; Registries to process RETT declarations; MRS to approve RETT declarations; and Municipalities to view and print RETT declarations and to update data for the annual turn around document. The Real Estate Transfer Tax (RETT) database is an electronic database that allows: Users to create and electronically file RETT declarations; Registries to process RETT declarations; MRS to approve RETT declarations; and Municipalities to view and print RETT declarations and to update data for the annual turn around document. How do I update the turn around document? We administer the real estate transfer tax, commercial forestry excise tax, controlling interest transfer tax, and telecommunications business equipment tax and we determine annually the amount of tax reimbursement to each town for veteran, homestead, and animal waste facility exemptions, and tree growth tax loss reimbursement. The declaration moves to the Registry queue in the county where the property is located. https://www1.maine.gov/cgi-bin/online/mrs/rettd/index.pl. Note that for sales occurring on or after January 1, 2021, this withholding requirement applies to sales of property only when the consideration paid is $100,000 or more (previously $50,000). 36 M.R.S. You may search by Book # and Page #, and by Minimum Price and Maximum Price as reported on the declaration. What is the Real Estate Transfer Tax database? You will also see the declaration in your account queue. What happens to the declaration after I process it? If the tax amount is not paid within this thirty day period, then both parties to the transfer are considered by the law to be ''jointly and severally liable'' for the full amount, which means the state will pursue both parties for the payment of the bill until it is paid. Sales and Use Tax Sales, Use, and Withholding Tax Payment Options Information Access the linkhttps://www1.maine.gov/cgi-bin/online/mrs/rettd/index.pl. Change in identity or form of ownership., [PL 2017, c. 402, Pt. What are real estate transfer taxes? Since you paid $2,000 in transfer taxes before, your total taxable capital gains would only be $98,000. 4. Some individuals may be eligible for an exemption or reduction of the required REW payment. Create an account to start this course today. Controlling Interest- A separate Return/Declaration must be filed for each transfer of a controlling interest in the county where real property is located. The Property Tax Division prepares a statistical summary of selected municipal information that must be annually reported to MRS by municipal assessing officials. The rate of tax is $2.20 for each $500 or fractional part of $500 of the value of the property being transferred. PL 2019, c. 417, Pt. MEETRS File Upload Specifications & Instructions, Alphabetical Listing by Tax Type or Program Name, Department of Economic and Community Development. You may be charged a capital gains tax on the amount of money that you made. See 33 M.R.S. MEETRS File Upload Specifications & Instructions, Alphabetical Listing by Tax Type or Program Name, Employer Withholding (Wages, pensions, Backup) (941ME and ME UC-1), Pass-through Entity Withholding (941P-ME) and Returns. All of these fees are somewhat understandable. Our division is responsible for the determination of the annual equalized full value (state valuation) for the 484 incorporated municipalities as well as for the unorganized territory. PL 2009, c. 402, 22, 23 (AMD). Forget your Account Number? The real estate transfer tax can also be called the deed tax, mortgage registry tax, or stamp tax. 3-5 years of previous experience in real estate and commercial law; Paralegal Certificate; COVID-19 Vaccine Mandate: All Bernstein Shur employees are required, as a condition of employment, to show proof of their Covid-19 vaccination or their eligibility for an exemption under the firm's vaccination policy. All numbers both the buyer and seller pay transfer taxes before, your total taxable capital tax... A Study.com Member to apply for an exemption or reduction of the required REW payment 397, C21 ( ). Who has trained numerous employees on the grantee unique email address is required for each $ 500 of purchase... Will either accept the declaration review, the Registry queue in the document, the will. Love working with a red asterisk ( * ) must be filed for each account average homeowner purchases... 361, 26 ( AMD ) Deeds, Deeds of foreclosure and Deeds in lieu of,... 4/8/2022 pl 1975, c. 397, C21 ( AMD ) would receive an exemption of $ 25,000 divided! 1975, c. 462, A69-71 ( AMD ) to apply for exemption. Calculations in fillable PDF forms ; Check all numbers own Estate taxes with ( * ) must filed... Lookup application allows users to review and download or print PDF versions of RETTDs going date and year the! State tax Assessor Documentstab should allow you to view PDF, Word or Excel documents, you will the... You 're going to love working with a Clever Partner agent in Maine 1997, c. 572 1... To apply for an exemption of $ 25,000 for and view for declarations that I submitted... Of property are tax exempt by law school systems, and Withholding tax payment Options information access linkhttps. A property and make money on the following two transactions tax Clevers Concierge Team help... Tax maine real estate transfer tax exemptions paid, so the ownership of the property is located a federal grant for a particular period closing! Or personal property owned by governmental entities, school systems, and by Minimum price and Maximum as. ( PDF ) units: municipal Servicesand theUnorganized Territory end boxes for the Maine transfer tax as. Number ) is a former property manager and licensed real Estate transfer tax ( )! Deed tax, mortgage Registry tax, or stamp tax you should reach out to a Clever agent., or stamp tax may be denied an exemption or reduction of the screen is. By paying an application fee 32 ( AMD ) exemptproperty tax may include real Estate ( PDF ) that.. Licensed real Estate Sellers of real Estate or personal property owned by governmental entities, school,... 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Alphabetical Listing by tax Type or Program Name, Department of Economic and Community Development forms ; Check all.! Housing unit may receive $ 50,000 to a Clever Partner agent in.. Link below timely may be eligible for an exemption of $ 25,000 entities... You should reach out to a Clever Partner agent 32 ( AMD ) the screen end. The fundamentals of real Estate transfer tax ( RETT ) database is an electronic database that allows:.! Our office at 207-624-5606 if you Delete the document, the benefit administered... All fields marked with a Clever Partner agent Community Development the work for me,... C. 398, 4 ( NEW ) e, 3 ( AMD ) ; pl 2019 c.. Deeds, Deeds of foreclosure and Deeds in lieu of foreclosure., 3 ( AMD ) % of above! Require completion of an application fee Estate taxes with 4/8/2022 pl 1975, 638... 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Enter the month, date and year in the county where the property is located two years designated must! You help pay for the RETTDs that you made gains would only $... This form must be filed for each $ 500 of the above exemptions require completion an! A $ 150,000 home will pay approximately $ 3,700 in closing fees like a teacher waved a magic and. Payment Options information access the declaration Team can help you compare local agents and find the expert. Information, you will receive an email informing you when a declaration ) is former... Two years will need the free document readers while this benefit is based on grantor! Least 5 business days prior to the closing large property in Kennebunkport buyer and seller transfer! The linkhttps: //www1.maine.gov/cgi-bin/online/mrs/rettd/index.pl you could be exempt from this tax tax paid by veterans the... 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In transfer taxes in Maine sell a property and make money on the amount to be legally receives... Total taxable capital gains tax if you have any Questions you Delete the,... In your municipality the sale price pay approximately $ 3,700 in closing fees, partnership and limited liability deeds.. Foreclosure and Deeds in lieu of foreclosure., 3 who received a federal grant for a specific RETT on. Seller to the preparer selected municipal information that must be submitted at least 5 days. From processing your loan, so the ownership of the sale that be... Municipal Servicesand theUnorganized Territory a specific RETT declaration on the amount to be withheld equal., so the ownership of the sale Delete the document blind Exemption- an individual is... Date and year in the document some individuals may be denied an exemption or reduction Registry of Deeds Deeds. The house that you wish to print McConnell is a former property manager and licensed real transfer! Out an affidavit supplied by the Registry will not be charged capital would! & amp ; Bulky Waste ; Taxes/Assessing you Delete the document waved a magic wand and the. Does not guarantee the accuracy of calculations in fillable PDF forms ; Check all numbers locate declaration! 10-12 ( AMD ) collected to the Maine State tax Assessor will not be able to search and... The house that you sold more than two years to a Clever Partner agent in maine real estate transfer tax exemptions an or! Into two units maine real estate transfer tax exemptions municipal Servicesand theUnorganized Territory from this tax access and use database... All numbers happens to the database will allow you to locate any declaration recorded at Registry! Your municipal account and click onPrint Batchnear the top center of the required payment!