If tax bills are not paid in a timely manner, they can also be “sold” by the county, causing you more time and expense to “redeem” the sold tax bills to avoid liens on your property.īuyers of Existing Homes will be responsible for paying all real estate tax bills that come due after the closing date. You should call the county twice each year to verify that your lender is paying your tax bill out of the escrow. Late tax payments generally accrue interest at the rate of 1 ½% per month. If you have established an escrow for taxes with your lender, mail a copy of your tax bill to the lender, and keep a copy for yourself. You need to know how to obtain current real estate tax billing information and when your tax bills will come due so they can be paid in a timely manner so as to avoid tax penalties. Action: How to get the tax information you need to protect your property rights.Determination of Amount: How the amount of your tax bill is determined, depending on your county of residence.Frequency: How often real estate tax bills are issued.Whether you are buying an existing home or are buying new construction, there are some important things to know about taxes on real property and about real estate tax bills in order to protect your property rights:
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