Home Buying in Teravista>Question Details

rlkhome, Home Buyer in Round Rock, TX

Hello, the property taxes assessed for 2012 are $7,155.00 for 2012. However how do you pay the taxes for 2013 when in the monthly payment of $1231.00

Asked by rlkhome, Round Rock, TX Fri Jul 5, 2013

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I would not think the payment you mention above has escrows (taxes and insurance) included. If this is an established loan it appears that you would be responsible for paying the taxes yourself come December or January depending on when you wanted to pay them.

If taxes are in the payment or on a loan where they are included the lender pays the taxes for you usually in early December. Insurance is paid whenever the renewal for the policy is due. Your escrows always keep enough to make these payments plus about 2 months of padding so that if taxes or insurance go up you still have enough to cover.

Hope this helps.

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Don Groff | REALTOR® & Mortgage Broker
Austin Real Estate Pros & 360 Lending Group
o 512.669.5599 | m 512.633.4157 | listings@dongroff.com
websites: http://www.AustinListed.com | http://www.360LendingGroup.com
Web Reference: http://www.AustinListed.com
0 votes Thank Flag Link Sat Jul 6, 2013
Normally your taxes are held in escrow by your mortgage lender and then paid before the due date. If the lender doesn't hold enough to pay the 2013 taxes, your monthly payment may go up slightly to compensate. If they hold too much, they will sometimes refund your money with a check and drop your payment amount going forward. It all depends on how much your taxes change from year to year.
0 votes Thank Flag Link Fri Jul 5, 2013
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