As a new homeowner, you have enough to fret over without worrying about impending property taxes. Moving is typically a complicated, exhausting affair, not to mention all the new peccadillos one encounters when inhabiting a new home. Knowing these three important facts about your property taxes will let you focus on the more pressing issues in your new home, while giving you a little something to think about and a lot less to worry about.
1) You Can Pay Your Property Taxes Out of Escrow – It’s possible that your chosen lending company can help make property taxes more manageable by paying them directly from an escrow account. Reach out to your loan professional to learn more.
2) Property Tax Exemptions May Apply To You – It may surprise you to know that, regarding your property taxes, you might very well be tax exempt. Exemptions vary by local tax jurisdictions, but it’s absolutely worth the effort to reach out to a local tax assessor to find out if you are exempt.
3) It’s Possible To Appeal Your Property Value Assessment – For homeowners planning on appealing their property tax assessment, evaluating comparable properties in the same tax classification is a smart place to start. Use your spare time to investigate similar homes with and similar amenities that are paying less in taxes.
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Important Information to Understand
- At the conclusion of a reverse mortgage, the borrower must repay the loan and may have to sell the home or repay the loan from other proceeds.
- Charges will be assessed with the loan, including an origination fee, closing costs, mortgage insurance premiums and servicing fees.
- The loan balance grows over time and interest is charged on the outstanding balance.
- The borrower remains responsible for property taxes, hazard insurance and home maintenance, and failure to pay these amounts may result in the loss of the home.
- Interest on a reverse mortgage is not tax-deductible until the borrower makes partial or full re-payment.