If i have a mortgage, do i pay my own property taxes or does the bank?

Answer 1

You are always responsible to make the payments to the taxing authority in your area. If your mortgage contains an escrow fund for taxes, the mortgagor MAY pay the taxes directly on your behalf via arrangement, or they may send you the check for the value of the escrow at the end of the year. You need to check with the mortgagor's policies in this situation.

If you have no escrow, then be prepared to pay the taxes as required out of your own pocket when due.

Answer 2

Usually with a mortgage, the bank sets up an escrow account for property taxes and insurance. You pay 1/12 of the annual amount with each monthly payment, and when the bill comes in, the bank pays it from your money that's in the escrow account.

The advantage to you is that you don't have to come up with the whole amount at once. The advantage to the lender is that they know it's paid.

Answer 3

Usually, your mortgage company will add a certain amount to your monthly payment to account for taxes. This is put into an escrow account, and then the company pays your taxes.

Sometimes, you can arrange to pay your taxes directly. This gives you the opportunity to save a few bucks by paying early and getting whatever early payment discount is provided.

Check your atatement and see if you have an escrow account listed.

Answer 4

It depends on how you structured your loan. My taxes and insurance are figured into my mortgage and put in an escrow account and paid as needed. Last year property taxes went up in my area and so did my mortgage by about $22 a month. I f you have money going into an escrow account (which should show up on your monthly statement) then yours are figured in.

Answer 5

All mortgage payments include principal and interest on the loan. Some mortgages have an amount for "escrow". The escrow payments may be used for real estate taxes or homeowner's insurance. In this case, the lender sends payment from your escrow account.

If you do not know whether or not you have your taxes paid from an escrow account, contact your mortgage lender and ask them. If you do not have your taxes paid from the escrow account, you will need to pay them directly.

Answer 6

check your mortgage statement or call your bank. this should have been determined during closing. if you are applying for a mortgage, pay it yourself because if you let the bank do it for you, they'll charge you for setting up an escrow account & making your tax payments.

Answer 7

You do 99.9% of the time. It is figured into your payment in pretty much every type of loan.

Answer 8

You do!