12/16/2023
If you purchase a home using a loan, your property taxes will be included in your monthly payment! 🚨
BUT there are a few things you should know...
1️⃣ You will still receive a bill in the mail outlining the amount due for your property taxes the year you purchase.
• Keep it for your records, but know that the bill is already covered. It's part of the reason you have closing costs on top of your down payment.
2. If you buy cash, you have to pay your property taxes yourself.
• You aren't being charged monthly, so you have to remember to set aside a small amount each month towards paying your property taxes directly at the end of each year.
3. If you bought with a loan and have paid it off, meaning you own the home out right, you're now in the same boat as the cash buyers.
• Because you're no longer paying a mortgage payment, there is no longer a small charge being set aside each month to pay the property taxes at the end of the year. You'll now have to pay directly to the tax man instead of indirectly through your mortgage payment.
Have any real estate questions or concerns you want to know more about? Comment them below! 👇
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📱 (980) 406-4334
📧 [email protected]
Jordan Guy - NC/SC Realtor - Exp Realty
