I thought that was included in the mortgage payment... I just received a letter from my mortgage company that the State (MD) reported that property taxes have not been paid.... how are this taxes calculated? how often do I have to pay them? and for how long?
2007-03-26 09:00:16 · 3 answers · asked by l_romanmd 1 in Business & Finance ➔ Renting & Real Estate
If you have an impound account, then your taxes should be paid to the assessor of your area.
Your monthly statement should state if you have an impound account or not, (often called an escrow impound).
Also, if you get an INTEREST statement on your impound account on a 1099 then you do have this account
2007-03-26 09:08:04 · answer #1 · answered by Jen 5 · 0⤊ 0⤋
Property taxes are usually included in the mortgage payment, when requested as an impound account. However, there is a chance for supplemental property taxes. This very well may be what is happening.
Property taxes are calculated as a percentage of the fair market value of the property. They are charged bi-annually and a statement is sent prior to the due date. They are charged for as long as you own the property.
2007-03-26 16:11:24 · answer #2 · answered by ken erestu 6 · 0⤊ 0⤋
Property Taxes are paid every year to the city or town you live in.
Sometimes mortgage holders pay directly, with payments blended in to morgage payment amounts, sometimes not.
It sounds like yours doesn't collect the money from you every month and pay the taxes, so you should have been sent a tax bill by the city.
this covers, water, sewer, fire protection, policing, roads and parks and all other government services.
2007-03-26 16:09:02 · answer #3 · answered by bob shark 7 · 0⤊ 0⤋