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Property Taxes Set Up After Buying A Home

Todays Date: December 10, 2018

As a new homeowner, there are several things you need to get squared away in order to make certain you are paying the proper amount of property taxes. If they are unaware of the need to take these steps, they might end up paying more on their property taxes than required. Ensure to follow these steps in order to get your taxes set straight.

Getting a Tax Certificate

You should work with your mortgage company and obtain a tax certificate for the new home even before you even purchase it. Ensure to get a certificate from all jurisdictions that tax the property.

You can find out if there are any delinquent taxes owed on the property with this certificate. You should not forget that you won’t be able to get a clear property title if there are delinquent taxes. You will need to work out something with the current homeowner in order to get these taxes paid or you will either need to pay these taxes yourself. In some cases, you may be responsible for paying the taxes but you can get the price of the house reduced according to the amount of the taxes owed. The previous owner still pays the expense of the taxes n this way.

Arrange for Escrow Billing

Various property owners select to have the mortgage company pay for their property taxes from an escrow account. If you have thought to set up an escrow account, ensure that the taxing unit sends the original tax bills to the mortgage company. This way, they will receive the bill in a timely manner and your taxes will get paid. Requesting a receipt from the mortgage company that shows that the taxes were paid on time is a good idea.

Apply for Exemptions

Remember that you have to actually apply for the exemptions for which you are eligible. Hence, make sure that you apply to the appraisal district that is responsible for appraising your home. Be certain to file an exemption with each district if more than one appraisal district values your home.

Pay On Time and In Full

Do not forget to pay your property taxes on time and pay them in full. Else, you will have to pay a 50% delinquent fee as a penalty. Also, you will have to pay interest on the amount of money you owe. You should receive a bill in April or May if you are not using an escrow service with your mortgage company. Contact the district and request the bill be sent to you if you don’t receive one.

Jim Olenbush is a Texas real estate broker that has been actively selling
Austin real estate listings for over 12 years. His team of experienced Realtors specialize in
Circle C real estate and other luxury neighborhoods around Austin, Texas.

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