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Baboots
I miss you grandma
Member since 8/05 1437 total posts
Name:
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Question about taxes
We elected to pay our taxes on our own not through our mortgage. So how do I know when and how much we owe? Do they contact us, or do I have to go to the Town. We live in Suffolk, Smithtown. Also when and how do I go about applying for that STAR program. TIA 
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Posted 11/17/05 12:16 PM  |
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LisaW
Time for me to FLY!
Member since 5/05 13199 total posts
Name:
Did I ever tell you that I hate people?
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Re: Question about taxes
I would call the town of swithtown, or look on their website...smithtowninfo.com
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| Posted 11/17/05 12:16 PM |
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CookiePuss
Cake from Outer Space!
Member since 5/05 14021 total posts
Name:
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Re: Question about taxes
They will send you a bill with a due date. I don't know when they collect it though.
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| Posted 11/17/05 3:26 PM |
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DjPiLL
Member since 5/05 3664 total posts
Name:
Richard
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Re: Question about taxes
I am curious as to why you chose to pay the taxes on your own.
Once I heard about bank escrow for property taxes... i was like why would ever want to NOT do this.
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| Posted 11/17/05 7:03 PM |
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dengal
Dad of Twins
Member since 5/05 1385 total posts
Name:
The 80's Man
Let's Go Mets!
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Re: Question about taxes
Posted by DjPiLL
I am curious as to why you chose to pay the taxes on your own.
Once I heard about bank escrow for property taxes... i was like why would ever want to NOT do this.
I agree 100%
As to the original question, taxes are usually due on December 1 and June 1, so you'll probrably get something in the mail after Dec. 1.
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| Posted 11/17/05 10:36 PM |
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skew
LIF Adult
Member since 5/05 6794 total posts
Name:
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Re: Question about taxes
Posted by DjPiLL
I am curious as to why you chose to pay the taxes on your own.
Once I heard about bank escrow for property taxes... i was like why would ever want to NOT do this.
we opted to do a no tax exrow as well. it is a personal decision but for us it made the most sense.
#1 - we didn't want to deal w/ escrow overages and shortages
#2 - we want to have control of our own money and earn the interest
curious as to why you would never want to NOT do this
Message edited 11/17/2005 10:52:33 PM.
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| Posted 11/17/05 10:51 PM |
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DjPiLL
Member since 5/05 3664 total posts
Name:
Richard
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Re: Question about taxes
Posted by skew
#2 - we want to have control of our own money and earn the interest
Just so you know... I signed a paper today saying my escrow will earn interest. And I believe the interest goes to me (the bank doesn't take it).
I could be wrong though... i'll check it out again.
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| Posted 11/17/05 11:01 PM |
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Shaps
LIF Zygote
Member since 5/05 48 total posts
Name:
Name
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Re: Question about taxes
You have to call the Tax Receiver's office if you have questions about when taxes are due, etc.- they are located in Town Hall on Main Street.
For STAR, you have to go to the Tax Assessor's office to fill out the application. They are located on Maple Avenue (a few buildings in from Main Street).
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| Posted 11/18/05 8:21 AM |
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CathyB
Member since 5/05 19403 total posts
Name:
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Re: Question about taxes
Posted by DjPiLL
Posted by skew
#2 - we want to have control of our own money and earn the interest
Just so you know... I signed a paper today saying my escrow will earn interest. And I believe the interest goes to me (the bank doesn't take it).
I could be wrong though... i'll check it out again.
The interest does go to you, but it's minimal. Some people feel they would rather keep the money in other investment vehicles and earn a greater rate of return.
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| Posted 11/18/05 9:37 AM |
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Tanaholic
My Big Boy!
Member since 10/05 2383 total posts
Name:
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Re: Question about taxes
We don't pay into escrow for our taxes. Why give them our money before it is due!
Baboots: They usually send a reminder postcard that the taxes are due.
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| Posted 11/18/05 10:46 AM |
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Baboots
I miss you grandma
Member since 8/05 1437 total posts
Name:
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Re: Question about taxes
Thank you all for your responses. This is so helpful. As far as someone's post about doing it this way, my husband and I were advised that if we can do it this way to do it. This way when our taxes go up (which I hope they don't) our mortgage note will not change. It takes a lot of discipline to do it this way, but I think it will work for us. I hope so anyway ! Thanks again
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| Posted 11/18/05 11:17 AM |
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joann564
LIF Infant
Member since 9/05 266 total posts
Name:
Jo Ann
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Re: Question about taxes
The interest that you earn on ur escrow is a little less than 1% of your escrow balance. That "interest" goes into ur escrow account.
A friend of mine told me that she pays her taxes on her own b/c a lot of times the mortgage company pays your taxes late and fees are assessed on it which comes out of your escrow account.
I called my mortgage company when my tax bill was due and inquired about it and they told me any late fees that are paid they (the bank) are held accountable for and not the person with the loan. That is part of their service so if they mess up they cover it.
I personally know I would come up short every time they are due so I pay escrow every month.
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| Posted 11/18/05 8:32 PM |
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checka
She's here!
Member since 5/05 1769 total posts
Name:
Me
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Re: Question about taxes
Posted by joann564
I called my mortgage company when my tax bill was due and inquired about it and they told me any late fees that are paid they (the bank) are held accountable for and not the person with the loan. That is part of their service so if they mess up they cover it.
We just closed yesterday and our lawyer told us the same thing. If the bank is late, they incur the penalties, not us.
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| Posted 11/18/05 8:59 PM |
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dengal
Dad of Twins
Member since 5/05 1385 total posts
Name:
The 80's Man
Let's Go Mets!
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Re: Question about taxes
Posted by sarahsmommy
Posted by DjPiLL
Posted by skew
#2 - we want to have control of our own money and earn the interest
Just so you know... I signed a paper today saying my escrow will earn interest. And I believe the interest goes to me (the bank doesn't take it).
I could be wrong though... i'll check it out again.
The interest does go to you, but it's minimal. Some people feel they would rather keep the money in other investment vehicles and earn a greater rate of return.
The amount of interest in minimal, because the amount being held is minimal. We earn interest on our escrow. On the flip side, we DON'T interest on shortage. Since I have a new construction home, my taxes went from 3K to 11K. I knew the taxes would go up. The bank paid it, and now I'm paying them back this year interest free.
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| Posted 11/19/05 12:37 AM |
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ThreeCats
Train Ride
Member since 5/05 3127 total posts
Name:
A
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Re: Question about taxes
Posted by skew
Posted by DjPiLL
I am curious as to why you chose to pay the taxes on your own.
Once I heard about bank escrow for property taxes... i was like why would ever want to NOT do this.
we opted to do a no tax exrow as well. it is a personal decision but for us it made the most sense.
#1 - we didn't want to deal w/ escrow overages and shortages
#2 - we want to have control of our own money and earn the interest
curious as to why you would never want to NOT do this
we pay them on our own for these reason as well
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| Posted 11/19/05 6:44 PM |
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