When you buy a home, your mortgage lender will usually require an escrow for taxes and insurance if you have less than a 20 percent down payment. For lower loan-to-value loans, many lenders give you the option of paying property taxes on your own.
When tax payments become part of the house payment, the tendency is to mail a check the first of the month and forget about it. As result, it becomes an out-of-sight-out-of-mind situation. But, if you pay property taxes on your own, you develop a slightly different perspective. You feel the pain of writing a sizable check on or before November
30 every year, and when the assessment goes up, the motivation is strong to challenge it. And you should; according to the International Association of Assessing Officers (IAAO), more than half of the homeowners who protest their assessments get a reduction.
No comments:
Post a Comment