Financing in 19067>Question Details

Michelle, Home Buyer in Buffalo, NY

Property/school tax in Bucks County?

Asked by Michelle, Buffalo, NY Wed May 7, 2008

We are "pre looking" in Bucks County as first time home buyers so forgive the naive question but how are property and school taxes paid? Annually/quarterly/monthly? Thanks in advance.

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Hi Michelle,

The previous answers are correct; taxes in Bucks County are paid annually. Local, County and Municipal are paid from calendar year Jan - Dec, school taxes for each district vary, and are paid from July - June. However, if your credit score is good and your downpayment is more than 20%, it is very likely you can put aside those funds yourself in your own savings account and pay them when due. That way, the mortgage company is not holding excess funds of yours, paying no interest to you, and you have flexibility should you need it. You will still need to be diligent so you have the money to pay the bill when due, but for a mortgage company to hold excess fund for their use is crazy! Every bank will require a different monthly amount to escrow (put aside).

If you have any questions, pleae feel free to call or e-mail me. I have been a resident of Bucks County for many years, and have recommended to all my clients who are able, to pay their own taxes. My background in finances is an asset to most. Furthermore, Bucks County has very reasonable taxes compared to the value of homes here.

Respectfully,

Sharon R. Otto, Realtor
Coldwell Banker Hearthside - Peddler's Village
5895 Lower York Road
Lahaska, PA 18931
215-794-1070 x 106
0 votes Thank Flag Link Thu May 22, 2008
Most likely your taxes will be put in escrow which means the payment will be put in your mortgage. Most lenders require this.In bucks county we pay taxes annually. The township are paid January 1st through December 31st and the school taxes are paid August 1st through July 31st. This is a very exciting time for you. Remember because you are a first time home buyer no question is naive. If you have any other questions feel free to contact me!!
0 votes Thank Flag Link Wed May 7, 2008
Real Estate taxes are paid and are included in your mortgage payment. Your lender will escrow funds for your insurance, and taxes. When you receive your tax bill, you must forward it to your lender. They will pay the bill for you from your escrow account.
Web Reference: http://www.bradburyteam.com
0 votes Thank Flag Link Wed May 7, 2008
Hello

Taxes are due annually. The township/boro (a/k/a Municipal) are on a calendar year January 1st through December 31st. The school taxes are on a fiscal year August 1st through July 31st.

However, if you have a mortgage, most lenders require that you escrow your taxes, so you would pay into your escrow account monthly. When the tax bills come in, you mail them to your lender who will pay them on your behalf.

The reason that the lenders do this is that they will always want to retain first lien position in case you were to default on your loan or taxes.

At settlement, the title company will pro-rate the taxes per diem. The seller will owe the day of settlement and previous, and you will owe any remaining months.

Please call if you have any other questions.

Tina Walsh-Wilson
Long & Foster, RE, Inc.
215-489-8026
Tina@PAHomeShop.com
Web Reference: http://www.PAHomeShop.com
0 votes Thank Flag Link Wed May 7, 2008
What Michael said is correct, but I would also like to add, since you're a first time home buyer, you might want to consider areas with lower property taxes. Or perhaps an older house. Newer houses have extremely high taxes and for a first time home buyer it doesn't make financial sense. It's better for you to concentrate on lower and upper Bucks, because the central portion of Bucks County has the highest taxes. Of course every property is different.

If you wish to see what's available for sale in Bucks County, visit my website at http://www.ephiladelphiarealestate.com and you can search for homes in various areas of Bucks County.
0 votes Thank Flag Link Wed May 7, 2008
Contact the county assessor's office. There you can find out not only when taxes are due but the amount of taxes on the specific properties you consider purchasing.

Good Luck!
0 votes Thank Flag Link Wed May 7, 2008
Hello Michelle,
In most cases, the taxes are escrowed through your mortgage lender. A separate account is set aside that you add to each month in your mortgage payment along with your homeowners insurance. Usually the taxes are due twice a year. The township taxes are paid in the Spring and the School taxes are paid in the Fall. If your taxes are escrowed, the lender pays them out of the escrow account.
If you dont want to escrow your taxes, you would be responsible to pay them at these times. If you have any other questions, feel free to contact me. Good Luck!
Michael

Michael D Delp
Mortgage Pro
4802 Old Bethlehem Pike,
Telford Pa. 18969
Ph- 215-453-1025
Fax- 215-453-1012
Cell- 610-762-0318
michaelddelp@aol.com
michaelddelp@verizon.net
http://www.mortgagepro.instantlender.com
0 votes Thank Flag Link Wed May 7, 2008
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