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As a new homeowner, there are certain things you need to get completed in order to ensure you are paying the correct amount of property taxes. New homeowners are generally unaware of the need to take these steps and, resultantly, end up paying more on their property taxes than required. In order to get your taxes set straight make certain to follow these steps.
Getting a Tax Certificate
You should work with your mortgage company and obtain a tax certificate for the new home even before you even purchase it. Make certain to get a certificate from all jurisdictions that tax the property.
This certificate will prove if there are any delinquent taxes owed on the property. You should not forget that you won’t be able to get a clear property title if there are delinquent taxes. Therefore, you will either need to pay these taxes or you will need to work out something with the current homeowner in order to get these taxes paid. In some cases, you may be accountable for paying the taxes but you can get the price of the house reduced according to the amount of the taxes owed. The previous owner still pays the expense of the taxes n this way.
Arrange for Escrow Billing
Certain property owners prefer to have the mortgage company pay for their property taxes from an escrow account. Make certain the taxing unit sends the original tax bills to the mortgage company if you decide to set up an escrow account. This way, they will receive the bill in a timely manner and your taxes will get paid. Requesting a receipt from the mortgage company that shows that the taxes were paid on time is a good idea.
Apply for Exemptions
You have to actually apply for the exemptions for which you are eligible. And you need to remember this. Hence, make sure that you apply to the appraisal district that is responsible for appraising your home. In case more than one appraisal district values your home, make sure to file an exemption with every district.
Pay On Time and In Full
Do not forget to pay your property taxes in full and to pay them on time. Else, you will have to pay a 50% delinquent fee as a penalty. In addition, you will have to pay interest on the amount of money you owe. If you aren’t using an escrow service with your mortgage company, you should receive a bill in April or May. Get in touch with the district and request the bill be sent to you if you don’t receive one.
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