Property Tax: is a tax paid on property owned by an individual or other legal entity, such as a corporation.
Fun Fact: Taxes can run in the thousands for homeowners and are typically due twice a year. Escrow accounts can help by making 1/12th of the estimated cost each month but keep an eye on the escrow account statement because sometimes loan services fail to pay on time and pass the incurred fees onto the homeowner, according to the U.S. Department of Housing and Urban Development. Some cities assess specific fees like street cleaning. Also, there might be special assessments coming up for street projects. Find out if there are multiple taxing authorities, some towns have watershed districts that collect tax money.
Trivia Question: What happens if you don’t pay your property tax on time?
Taxes! Taxes! Read All About It! 