Tax season is officially here, and I want to go over a few important things you should know about property taxes.
Tax season is here, so I want to discuss a few things about property taxes and what to do when you have some questions on those.
If you plan on buying anything or getting a loan in the next couple of years, how you file today or in the next few months will have a huge impact on what you qualify for on future loans.
People write off a lot of items. Whether you are a business owner or you have the ability to write income down or defer things, make sure you give us a call if you are thinking about buying an investment property or primary residence. We have to make sure that you have enough income on there to qualify for whatever home you are looking to purchase.
There are a few other things you should know with regard to property taxes.
July 1 is the beginning of the tax year for property taxes. October 1 is when tax bills are mailed. The first installment is due November 1. December 10 is the final due date you have to make if you don’t want to pay any penalties.
Then, the second installment is due February 1. April 10 is the last day for you to pay the second installment without penalties.
Then, June 30 is the end of the tax year, and everything starts back over on July 1.
If you get a property tax bill and you believe that it’s too high, let us know. We can help you challenge that.
If your property tax bill is too low, then keep that to yourself!
If you believe that your bank is supposed to pay your property taxes because you pay impounds, and that number seems to be off or there’s not enough in the escrow account to cover it, keep an eye on that stuff. This is especially important in the first few years of homeownership because the bank can go way off and end up having to assess you additional fees or bump your payment later on.
If you have any other questions about property taxes, just give us a call or send us an email. We would be happy to help you.