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!!

Wed May 7 2008, 10:30

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.

Wed May 7 2008, 10:23

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

Wed May 7 2008, 07:59

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.

Wed May 7 2008, 07:57

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!

Wed May 7 2008, 07:54

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
www.mortgagepro.instantlender.com

Wed May 7 2008, 07:52