Tarrant County Property Tax - New Homebuyer Needs Help!. (Keller: for rent, mortgage)

[babs7907]

Hi

This question is not about the tax rate (as there are several threads out here that explain it all), but a question about the whole process.

I'm a new home buyer, I live in Keller, and here are my questions in regards to property tax:

1. When are Tarrant County home owners property taxes due?. Is there a set date like the dates we have for filing personal taxes?.
2. Can we pay in installments or do we have to pay the whole amount due in one payment?.
3. Will I receive my property tax bill through the mail or do I have to make the effort to pay it?.

thanks

[ChristieP]

Your lender didn't do an escrow account for the taxes? That is really the easiest way to pay them.
They are due in January of 2011 for the 2010 tax year. Yes, you will get a bill in the mail. AFAIK the whole amount is due when billed.

[loves2read]

Some people like escrow w/mortgage payment and some want to manage their money and pay themselves...
in the past (before the county tax appraisal districts came in to existance) we had trouble with our mortgage company not getting the correct info from the taxing entities and not charging us enough tax to prorate through the year--
horribly confusing and worrying

but for some people it is easier to pay with the mortgage and I think the tax appraisal district does good job of getting the info correct--whether the mortgage companies are doing their job or not I don't know--cause we pay ours directly...

[jcamber]

I stay away from escrows. Not only does the bank not give you a penny in interest for those dollars but they have the ability to build a "cushion" in that account of however many thousands of dollars they think is right AND raise your monthly payment accordingly. No, thanks, I'll do it myself.

I also live in Keller and you have two options when it comes to your property tax bill:
1. You pay it in full by January 31st. Or,
2. You pay 1/2 by November 30th of the current year and 1/2 by June 30th of the following year. No penalties or interest on this option, which I happen to think it's great.

[ChristieP]

Our lender doesn't do the "cushion" on escrow. They pay it out to the penny at the end of the year. Last year, I sent extra to escrow to cover any tax increase, and in January, they sent me a check for all of it back...

[babs7907]

Thanks for all the replies, yes, I do remember my mortgage company putting some money in escrow for property tax, but I bought the house in May 2010 so I assumed that these taxes were for May-Dec 2010!. I suppose I need to revisit all my paperwork to see what the deal is!.

[loves2read]

they do prorate tax at closing for rent of the year==
when you get the new tax year you can apply for your homeowner's exemption which will lower your tax somewhat--not much
read your loan documents and see if it specifies if part of your payment is going into an escrow account for tax purposes...

[Rakin]

Babs - Did you buy new construction or an existing home ?

If you bought new, taxes can get screwy the first year or 2. If you did I'll attempt an explanation later.

[babs7907]

I got an existing home, thanks for your help, but I think I figured it all out now!.

Part of my monthly mortgage payment, we're also paying property taxes into an escrow account, which our mortgage co will pay to Tarrant County.

Originally Posted by Rakin

Babs - Did you buy new construction or an existing home ?

If you bought new, taxes can get screwy the first year or 2. If you did I'll attempt an explanation later.

[loves2read]

YOU have to file for your homestead exemption--mortgage company can't do that for you...
don't forget to do it
and remember that you can request to have your property assessment valuation dropped if it is valued too high--BUT for a new home they are going to what to know what you paid for it I guess--so if what you paid is higher it will be difficult to justify lowering the valuation for year or so