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Lisa Jordan, Home Buyer in U.K.

why do you pay property tax, and is it paid every month or yearly?

Asked by Lisa Jordan, U.K. Mon Sep 22, 2008

My husband and I are hoping to reloate to The USA within the next 3-4 years. I've been looking at real estate and see that on some properties you pay tax and others you don't. I was just wondering what property tax was and what it's for.
How often is it paid. Is it broken down into 12 pieces and paid over the year along with a mortgage, or is a lump sum required every month/year. If you could help that would be great. Lisa Jordan

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Answers

2
Lisa,
Property taxes in most places are used to collect funds for your School District and your township. They are each paid once a year. Usually the School tax is the larger of the two and they are due in the Spring and Fall. With most home mortgages, the taxes are escrowed in with your monthly payment to make it easier for the homeowner and more secure for the Lender.
Without getting longwinded, I hope this answers your question. If you would like to know more, feel free to contact me.
The very best of luck to you!
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
1 vote Thank Flag Link Tue Sep 23, 2008
Lisa
Mike gave a good concise answer to you. I would only add that taxes differ widely from township to township or borough to borough, or in cities. (Townships & boroughs are Pennsylvania's smallest govt districts-there being several of each in each County). Typically, taxes are higher in boroughs and cities because there are more govt supplied services.
Blessings to you as you pursue your dreams.
Mim Heisey
REALTOR GRI
mim@mris.com
717-360-8808
0 votes Thank Flag Link Tue Sep 23, 2008
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