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Sorry for the dumb question but I'm hoping to have to pay property taxes by next fall. It would mean I finally have my own home. LOL How they bill you? Is it every month, quarterly, twice a year?
Sorry for the dumb question but I'm hoping to have to pay property taxes by next fall. It would mean I finally have my own home. LOL How they bill you? Is it every month, quarterly, twice a year?
Thanks in advance.
It would be billed monthly. It's part of your mortgage payment.
Sorry for the dumb question but I'm hoping to have to pay property taxes by next fall. It would mean I finally have my own home. LOL How they bill you? Is it every month, quarterly, twice a year?
Thanks in advance.
I think every town does it differently - we are billed quarterly. You can always call the tax collector's office and find out what the tax rate is, how often you're billed, etc.
Ohh so if the property tax for a townhome is 5,000 a year for example, I would have an additional $416 per month in payment?
if your mtg. co. requires you pay escrow, then yes.
i asked my credit union if i could pay my taxes and insurance on my own, and they agreed. so my mtg payment is p&i, and i, on my own, put $x amount away each month and drive to my tax office every quarter and give a check. i prefer this since i'm not required to have 3+ months in escrow as a cushion (in other words, when you close, you'll be required to have a quarter's worth of taxes and insurance in escrow PLUS what's due at that time).
Ohh so if the property tax for a townhome is 5,000 a year for example, I would have an additional $416 per month in payment?
I pay my property taxes and homeowners insurance through my mortgage. The taxes are paid on a quarterly basis thru the escrow account to the township. I receive a yearly statement from the tax accessor's office usually during the third qtr.
It would be billed monthly. It's part of your mortgage payment.
Diane
Not necessarily. Unless you set up an escrow is isn't. Most mortgage companies will ask you to do this and then you pay the taxes quartely from your mortgage company. They basically divide you taxes by 12 and add it to your mortgage payment. I would say to call your mortgage company.
In the four homes I have owned. The taxes were paid with the mortgage payment. Taxes ,divided by the 12 months and just like your example LJeen.
However, when you pay off the mortgage as we have now. We can pay the taxes in one lump sum. Or in different payments, depending on how the town tax assessor requires.
Every bank is different, it's much easier and usually cheaper to try and pay them yourself to avoid Escrow and sometimes banks like to charge you for ther "Service" of paying your taxes, My friend was paying upwards of 400 a year for that "Service"
Check with the bank would be my advice. Anything we say will not matter much.
If my property taxes are reduce how does that affect my mortgage payment.My taxes are included in that payment.
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