Recently a person that bought a home freaked out when the taxes were paid by the mortgage company. Yes, that is normal when you escrow funds for taxes and insurance. However, taxes are due every year, and paying them in November will give the homeowner the maxim tax savings. The reasoning that you watch your statements is imperative to keeping track of the funds spent on taxes and insurance. In this person’s case, the taxes went up, and there weren’t enough funds. The mortgage company did pay the bill in November and sent the homeowner a letter. This homeowner will have to make up the difference, in this case, it is about $1,500. The tax bill comes out in Aug/Sept the homeowner should take a look at the new tax and then take a look at the mortgage statement and calculate just home much it will take to pay this bill. Do you have enough or not? This happens when you buy a home and the taxes are based on the past homeowner’s tax bill. The tax authority will reassess the amount based on the cost of the home and the new year’s tax adjustment. None of us like to pay taxes but we’re going to anyway. Even if you have your mortgage payment on auto-pay your still responsible. This is the short version and I know that some of us have paid and won’t think about it till next year. If you not in an escrow position and pay your own, keep your eyes on the taxes next year when the bill comes in. Watch your Mortgage…..
Would you like Real Estate advice or consultation? If you are thinking about Selling or Buying I’m here for you. Florida’s Treasure Coast is my playground. Real Estate is my passion. I’m here for you! The best way to reach me is to start with a sweet email Paulaz@WatsonRealtyCorp.com. Or call 772-567-5226 ask for Paula. Talk to you soon.