How do I know how much I've paid in property taxes?

Question

I just purchased my first home this year, and I have been told that I can deduct my property taxes paid. I did not opt to pay them through my mortgage company. How do I find out how much I've paid?
Thanks so much for your answers :)

Answer 1

The County Assessor's office should send you a statement @ the end of the year to be used for tax purposes. If they don't, contact their office. The information is probably on-line.

Answer 2

You will have to go to the county tax assessor's office and ask for the records. Some counties pay their taxes every six months, and if you bought your home this last year, you may not have gotten a tax bill yet. When you bought the house, pro-rated taxes may have been paid as part of the fees you paid at closing. Get out your mortgage papers and check them to see if you paid taxes at closing. Just a suggestion....... even if you are on an extremely tight budget, the smartest way to pay the taxes is by including them in your monthly payment. You make the full payment every month, the taxes are held in escrow until the county sends the bill to your mortgage, and then your mortgage company pays the tax bill on time for you. There's no chance you'll get behind on the taxes, or be worrying about coming up with the money to pay them when they're due. It's actually easier to budget your money, because you have an exact amount that you know you have to pay every month, and that covers taxes, insurance, the loan principal and interest.

Answer 3

Considering the fact that some areas may not have the same rules as California, where I live, there would have been two ways to pay the property taxes.
In California residential propert taxes are payable in two installments. At least half of the payment must be paid, postmark date, by December 10th, with the remainder due by the following April 10th. The payment is made to the county treasurer. So if you have a bill to the county treasurer, and you wrote a check to that person, your property tax will be that ammount.
The other payment may be in the title documents when your mortgage and purchase were finalized. In the title documents there are many costs and fees individually listed. Among them are property taxes paid.
So therefore whatever you can deduct for 2006 would come from either payments you made to the county treasurer in 2006, or the propert tax charges from the title fees in 2006.

Answer 4

It would help to know what month you purchased your home....your property taxes should have been pro-rated. This information would be available in your mortgage documents you received at closing. If you truely JUST purchased your home...in the last 30 days (this year).....you haven't paid any taxes yet.

Property taxes are payable for the year prior...if you just purchased your home...you probably have not paid any property taxes yet...example: taxes that were due in May and November 2006 were for the tax year of 2005..therefore should be a liability off the seller.

You do, however...need to go the the county tax office and file for the homestead credit and the mortgage exemption credit...this will make the amount of your property taxes considerabely lower when you do have to pay them....my suggestion would be to call the county offices to find out exactly what you need to bring with you to file for these credits....

Yes...what you were told about property taxes being deductable is true...however, you probably don't have any deductions until 2008, at which time you will file your 2007 tax returns.

If this is still confusing or unclear...you're welcome to email me..I'll try to better explain it.....

Answer 5

You should have received a statement from the county or city about property taxes. You have to have this property tax document in order to be able to get any tax relief. If you don't actually have a piece of paper with the tax info, then call the county or city. They should send you a copy.

This year? Is that 2007 or 2006? If it is 2007, then you have not paid any tax.

Answer 6

If you just purchased your home this year then you will not be able to deduct any taxes until next year. You will have to either open an account with your bank such as a money market account which will earn a higher interest than a normal checking account so that at the end of the year you can make one check to pay your taxes off in December. In your closing documents on the HUD 1 it will detail what was charged to you in closing costs. It is a legal size document and the charges will be on the second page. You can also go to the appraisal districts website and find out what your taxes will be for the coming year. I don't know where you are but you can do a search for the appraisal district in your city from Yahoo search by typing the words, "appraisal district ZIP code." Usually your taxes are about 2-3% of the estimated value.

Answer 7

If you did not pay them through your mortgage company, then either you have a receipt for having paid them, or you have not paid them. If you are not aware of having paid them, you probably have not paid them yet. You would have received a bill for property taxes, probably from the assessor's office, and you would have had to pay that bill. To figure out what your situation is, call your local (probably county, unless you're in an area with townships or parishes) assessor's office, explain what you need to know, and they will direct you to someone who can answer your questions. I would not depend on a web site to provide correct information; in the absence of a receipt or any real knowledge of the process, I would speak to someone with some knowledge at the assessor's office.

Answer 8

If you did not escrow them then you paid them online, in person or with a money order or check. Do you not keep financial records?

If you paid them and just don't keep good records, then call or go to the website of your county clerk and school district. They will show what taxes you paid if you pay school taxes and county property taxes. Interest is also deductible. You should get a 1098 from your mortgage company regarding the mortgage interest. Please start keeping good records. Make a file and label it 2007 taxes and this year when you pay your taxes keep the receipts in there. IF you are ever audited you need good records.

Answer 9

If you bought it this year (2006) than your settlement or closing statement will show how much was paid during 2006 at the time of closing.

You will need to contact your County Treasurer's office to get the actual amount paid.

However, in some states, when you buy a house, the seller gives you a credit for taxes paid. This is called paying taxes in arrears. If the seller did give you a credit at the time of closing or actually paid the taxes during 2006 than you will not be able to deduct them as well.

Answer 10

You should get a bill from your county clerk that bills you for the year. Compare that bill to your check register. What you paid last year is what you can deduct.

You will also be assessed taxes on your settlement closing statements. Any taxes you paid there as part of closing on your deal you can deduct as well, like PPD (or prepaid) County Taxes.

Some mortgage companies pay your taxes for you through the payments you send them. You can find that amount on your 1098.

Answer 11

Most states not all, but most pay the property taxes in arrears, that is you pay for 2005 taxes in 2006. If you bough the home in 2005 you will probably not have a property tax bill this year.

Not all states are this way.

On your closing documents there is likely a line that reduced the amount you paid to the seller by property taxes that had accrued, if this is the case you need to reduce the amount you actually pay by this amount.

The county or state will likey provide you a statement. Many counties assossers provide the information on line per address or parcel.