In Suffolk County, you pay 1/2 of your annual property taxes on 12/1 and the other 1/2 on 5/1. When you close on your home, you may have to reimburse the Seller for taxes they have paid for, but haven't used up yet. For example, if you close on your home on Feb 1, you would be responsible for paying back the Seller for the taxes they paid in Dec for Feb. March & April. In addition, most mortgages include something called an "Escrow Account". Each month, when you make your mortgage payment, the payment would include 1/12 of your property taxes. This money accumulates so that when your next tax bill comes in, your lender has sufficient $$ to pay that bill. This also means that when your account is set up (at closing) your lender will also require you to put some $$ into the escrow account, along with up to 2 months worth of extra $$, so there will be enough when your first bill comes due. Your lender should be able to estimate this amount in the GFE (Good Faith Estimate of Settlement Costs) provided to you when you apply for your mortgage. Check this amount disclosed with what your Attorney tells you. The amounts should be very nearly the same. If they are not, start asking lots of questions why.
If you need any additional explanation or have additional questions, call me.
Rich Murphy, Wells Fargo Home Mortgage 631-382-2261or email me at email@example.com