Property Taxes Are Out: What Does This Mean for You?

From Team Stephens Orren Shepherd

Property tax bills have been sent out, and whether you're a new homeowner or a seasoned one, it’s essential to understand your responsibilities. Staying on top of your property tax payments will help you avoid unnecessary penalties and keep your financial plans on track. Here’s what you need to know.

Purchased a Home This Year?

As the current owner of the property, you are responsible for making sure the tax bill is paid, even if you only recently purchased the home.

Property taxes are based on ownership as of January 1st. This means the prior owner’s name may still appear on the bill, and the bill might have been mailed to them instead of you.
Regardless of whose name is on the bill, it’s your responsibility to ensure the payment is made on time.

If You Have an Escrow Account with Your Lender

If you set up an escrow account with your lender when purchasing your home, the lender will typically handle the property tax payment for you. However, there are a few important details to keep in mind:

Not all lenders escrow for solid waste or sanitation fees. If this applies to your property, you will need to pay these fees separately.
We recommend sending a copy of all tax bills to your loan servicing company to ensure they process the payment on time and avoid any delays.

If You Paid Cash or Do Not Have an Escrow Account

For homeowners who purchased their property in cash or did not set up an escrow account, you are responsible for paying the full amount of the property tax bill directly. Be sure to:

Review your bill for deadlines and any additional fees, like sanitation charges.
Set reminders to ensure your payment is made on time to avoid penalties or interest.

What If You Didn’t Receive the Tax Bill?

If your property tax bill hasn’t arrived, don’t assume everything is covered. Here’s what you can do:

Visit your county tax commissioner’s website to look up your property tax bill.
Check for due dates and payment instructions to ensure you meet the deadlines.
Pay online or follow the website’s instructions for mailing your payment.

Stay Ahead of Your Property Taxes

Paying your property taxes is an essential part of homeownership, whether you’re managing them through escrow or paying out of pocket. If you have questions about your tax bill or need help navigating this process, Team Stephens Orren Shepherd is here to assist. We’re happy to connect you with trusted professionals and provide guidance to keep everything running smoothly.

Need help or have questions? Contact us today!

Team Stephens Orren Shepherd
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