Speaking of property tax...

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tizzo

Guest
How come, if you are buying a home, but the bank holds the title til its paid off, do you hafta pay the property taxes.
Since the bank still owns it until it's paid in full, why don't they have to pay the property taxes??
 
bang guy

bang guy

Moderator
Originally Posted by Tizzo
http:///forum/post/2626881
How come, if you are buying a home, but the bank holds the title til its paid off, do you hafta pay the property taxes.
Since the bank still owns it until it's paid in full, why don't they have to pay the property taxes??
They actually only own the lien. Besides, you would end up paying it one way or the other plus fees.
 
cowfishrule

cowfishrule

Active Member
Originally Posted by Tizzo
http:///forum/post/2626881
How come, if you are buying a home, but the bank holds the title til its paid off, do you hafta pay the property taxes.
Since the bank still owns it until it's paid in full, why don't they have to pay the property taxes??
its yet another way that the man sticks it to you.
you pay ins on a leased car, right?
 
reefraff

reefraff

Active Member
I got a better one. If yours is like most mortages not only do you get to pay the taxes, you pay the bank for them IN ADVANCE. So if your taxes are 2,400.00 a year the bank takes 200.00 every month and at the end of the year pays the taxes. Hows it feel to know you are giving them an interest free loan while they are charging you how much interest a year
 
jdl

jdl

Member
hopefully property taxes disappear in PA in the near future. They want to raise the state sales tax instead, it has failed vote a few times.
 
bang guy

bang guy

Moderator
Originally Posted by reefraff
http:///forum/post/2626976
I got a better one. If yours is like most mortages not only do you get to pay the taxes, you pay the bank for them IN ADVANCE. So if your taxes are 2,400.00 a year the bank takes 200.00 every month and at the end of the year pays the taxes. Hows it feel to know you are giving them an interest free loan while they are charging you how much interest a year

Hmmmm, I consider this a good feature. My Property Tax is spread out over the year and automatically paid through the m.o.r.t.g.a.g.e payment. My bank pays me interest on the escrow as well.
If you don't like this feature you can ask the m.o.r.t.g.a.g.e company to allow you to pay your taxes directly.
Don't be late....
Oh, and 2400? That doesn't even cover my school tax.
 
schnutzzy

schnutzzy

Member
Here in calif. your property taxes are 1.078% of the purchase price of the house per month over 30 years. I pay $850.00 a month just in property taxes. That is more than alot of people pay per month on their

[hr]
.
 
lovethesea

lovethesea

Active Member
yikes, I was peeved when ours got raised to $3,000. We pay school taxes on our real estate taxes AND our "property taxes" which is considered for cars, boats, rv's, trailers, etc.
 
reefraff

reefraff

Active Member
Originally Posted by Bang Guy
http:///forum/post/2627057
Hmmmm, I consider this a good feature. My Property Tax is spread out over the year and automatically paid through the m.o.r.t.g.a.g.e payment. My bank pays me interest on the escrow as well.
If you don't like this feature you can ask the m.o.r.t.g.a.g.e company to allow you to pay your taxes directly.
Don't be late....
Oh, and 2400? That doesn't even cover my school tax.
My property taxes here are 1043 a year. Life is rough. Nice neighborhood with the highest rated school district in the state.

I don't have a mort but when I did they didn't pay me squat for the escrow account. Because we used FHA we didn't have a choice, taxes and insurance have to be pulled out of the payments.
 
robn70

robn70

Member
Originally Posted by TriGa22
http:///forum/post/2627165
I can remeber taxes in Rotterdam NY. Oh thank god I moved dowm here! So much cheaper.
I remember paying $7500 a yr. in NJ before i moved down here to VA in 2006. Now I'm paying around $1000 for a lot that is 4 times bigger and a house that is twice as big. Don't miss them one bit.
 
T

tizzo

Guest
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Thanks Bang. Makes sense, but I wish THEY paid the taxes. I was just curious about the topic.
A van by the river..., lol
 
bang guy

bang guy

Moderator
Originally Posted by Tizzo
http:///forum/post/2627401
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Thanks Bang. Makes sense, but I wish THEY paid the taxes. I was just curious about the topic.
A van by the river..., lol


I wish my local government didn't give the money to freeloaders. That would cut the tax in half.
 
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