Tuesday, October 29, 2013

Property Taxes ~ Informational or Need to Pay?

Every time I work with buyers I remind them about their property taxes. Quite frequently during the disclosure process, escrow paperwork, and of course the initial contract writing.

So far, so good. I'm pretty sure everyone is taking care of their property taxes on time. Pretty sure.

First half is due in November, late in December. Second half is due in February, late in April.

Escrow pays the taxes due from the seller and the buyer at close. Sometimes there are supplemental property taxes due. And sometimes, it takes forever to get that bill to you.

This quickie blog post is just a timely reminder that the tax assessor may take a while to reassess your home after a sale, but they add hefty penalties if they have to wait for your payment. Hefty I tell you!

So, when you get your bill, pay it in a timely manner. I also suggest to new home owners that when they get one that says 'Informational' on it, give a shout to your mortgage lender...just to be on the safe side. Make sure there's enough money being impounded in there the first time round and that the bank is truly paying the taxes.

Remember, the assessor does not like to wait and charges tons if you are late!

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