I purchased a house in Suffolk, Virginia November 2006. I just received a bill from the city for a real estate tax. It has information concerning land values, building values, etc... So my question is---Is my real estate tax my property tax or is this something different. If it is my property tax, then this should be taken care of from my escrow. Any info. you can provide would be appreciated!
2007-05-19 04:24:08 · 4 answers · asked by The Advantage 2 in Business & Finance ➔ Renting & Real Estate
Yes, Real Estate tax and Property Tax are the same. If you have an Escrow Account with your lender, the chances are the lender already knows about the bill and will pay it before it's due. They obtain this information electronically, but the bill is often sent to the property anyway. However, just to make sure, go ahead and call your lender and let them know that you got the bill and ask when were they planning on paying it, they may even ask you to fax it to them.
I hope this helps.
2007-05-19 04:47:06 · answer #1 · answered by Alexander K 3 · 0⤊ 0⤋
They are the same thing. The tax bill- what you received- will still come to you every year. As long as you have an impound or escrow account that includes your property taxes though- the lender will pay the bill for you. It is still good to keep those tax bills to see if the taxes are going up though as many people get caught with an escrow shortage and then have to catch up the difference. If you note the taxes have gone up a bunch from the previous year, you might want to speak to your lender about making some changes in the amount they impound each month before they hit you with an escrow shortage bill. This would also be true for your home owners insurance bills that also will change from time to time. I'm not sure if Virginia has it or if you are qualified for it, but many states allow you to homestead your property that fixes in your tax rate so it does not continue to change year to year. You might want to look into that.
2007-05-19 05:08:47 · answer #2 · answered by flamingojohn 4 · 0⤊ 0⤋
What schedule A do you find lines 6A and Line 7A3? Real estate taxes and Property taxes are one and the same thing and would be entered on line 6 of the schedule A of the 1040 tax return. Line 6 Real Estate Taxes Include taxes (state, local, or foreign) you paid on real estate you own that was not used for business, but only if the taxes are based on the assessed value of the property. Also, the assessment must be made uniformly on property throughout the community, and the proceeds must be used for general community or governmental purposes. Pub. 530 explains the deductions homeowners can take. Line 8 Other Taxes If you had any deductible tax not listed on line 5, 6, or 7, list the type and amount of tax. Enter only one total on line 8. Include on this line: * State and local personal property taxes you paid, if the taxes were based on value alone and were imposed on a yearly basis. Hope that you find the above enclosed information useful and good luck to you.
2016-05-17 10:12:23 · answer #3 · answered by ? 3 · 0⤊ 0⤋
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2007-05-19 04:34:05 · answer #5 · answered by Anonymous · 0⤊ 5⤋
Does the bill you got have the word "duplicate" stamped on it anywhere? If so, this was sent to you for your records while the original was sent to your mortgage company.
If not, contact your mortgage company and let them know you received the bill.
2007-05-19 11:17:18 · answer #6 · answered by mycornerofbrickheaven 3 · 0⤊ 0⤋