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.
Sharon R. Otto, Realtor
Coldwell Banker Hearthside - Peddler's Village
5895 Lower York Road
Lahaska, PA 18931
215-794-1070 x 106
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.
Long & Foster, RE, Inc.
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.
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 D Delp
4802 Old Bethlehem Pike,
Telford Pa. 18969