if you DON'T pay property taxes through the mortgage company

Do you have to pay anything toward taxes at the closing? (Obviously you're not escrowing any money for the mortgage company)

Do you just pay your taxes once a year, and does the county / town know that you've only been there part of the year? Do they bill you, or do you have to go in person to pay them?

Re: if you DON'T pay property taxes through the mortgage company

depending on when you close, you will pay the seller the balance of the taxes at closing.

taxes are due in may and december. you have the option of paying for the full year though. again depending on when you close, you will either owe the seller the difference or the town directly.

Re: if you DON'T pay property taxes through the mortgage company

We moved in to our house in August 2005! We paid the seller all the remaining taxes for the year.

When the new year started, we got bills in the mail for both our General & School Taxes. We don't pay them in full but pay them each half. So in turn, we pay taxes 4 times a year (each tax has 2 halves).

Re: if you DON'T pay property taxes through the mortgage company

We closed April 5th so we had to pay the seller the taxes from 4/5 to 5/31. Since the taxes would be due again May 31st we had the title company pick up the may taxes (2nd half) so we didn't have to worry about it. It depends when you close and when the next taxes are due--the bank may require that the taxes be paid if they are due prior to your first mortgage payment.

Re: if you DON'T pay property taxes through the mortgage company

In addition to what they said above, we had to pay a one-time fee to waive escrow of $760. We were annoyed because we weren't told about this in our good faith estimate.