Do you still have to pay taxes if your house payment is payed off already?

Question

My house mortage is payed of fully.

Answer 1

i am writing a book on this topic.

YOU do. EVERY property owner
must pay property taxes every year
as long as they own property.
This is because their taxes
pay for fire, police, roads and other
municipal infrastructure costs.

YOU will pay about $1,000 per
100,000 dollars of value of your
property. YOU will get a tax
bill from the county-or state.

The county "controls" this.

if you do not pay the taxes, you
have as long as 3 yrs to pay them
but the interest and penalties
will grow to as much as 3x what
the taxes themselves would be.
--and the county will sell the
house or property 3 yrs afterwards
if you do not pay!

Answer 2

Yes you do, taxes have nothing to do with what you owe or don't owe on the house. I assume you are talking about property taxes. When you had a mortgage, you very likely had an escrow account with your lender, you paid 1/12 of your annual taxes each month, and the lender got the tax bill and paid it. Now that your mortgage is paid off, the bill will come to you, probably once or twice a year, and you will be responsible for paying it.

Answer 3

Yes...no matter what happens, you will always have to pay taxes on your house. They are considered property taxes. If your mortgage is paid off, they simply won't be incorporated into your monthly mortgage payment and you will receive a bill from your county tax assessor.

Answer 4

OH YES!! forever.. they are considered property taxes.. I have my $90K house paid for ,, 3 years ago.. A way to off set this, is to rent it out.. No mortgage, only taxes to pay.. You move to a smaller living space.. Can't do that? Then put up with paying taxes..

Answer 5

The tax man ALWAYS get their money.

If you refuse to pay, your home will be sold for taxes.

In Arizona if you refuse to pay, the government sells your back taxes to an investor at 16% interest rate.

After 5 years you could lose your home to the investor that paid your taxes.

Even though you own your own home "Free and Clear" it is in fact NOT free and clear from property taxes.

Hope this helps.

Terry S.

http://www.Welcome2Arizona.com

Answer 6

Yes. Your monthly mortgage payment is broken down into principal, interest, taxes and insurance (PITI). Your lender is paid off. Your property insurance is optional now. But real estate taxes must still be paid, mortgage or no mortgage.

Answer 7

you're able to pay off all debt in the previous thinking approximately buying a house. in case you get $ten thousand in tax returns you're able to easily wipe it out. That'd go away you with $1500 left over. placed that in the process fee reductions and then save saving until eventually you have 3-6 months of fees, then start up saving up for a down charge for a house. i could somewhat have no debt, myself.

Answer 8

If your mortgage is finished you don't have to pay insurance to protect the house value. The taxes are paid to the city for everything you use.

Answer 9

Amy's right. Property taxes pay for services such as roads, sewers, water, garbage pick-up, schools and so on. Expect them as one of the two things in life that are certain. The other, of course, is death.

Answer 10

Yes, unless you have allodial title which was being experimented with in a couple of states. Had to look that up once after running across an owner considering it as a dodge.