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Property Taxes at Closing |
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When you buy a house part of the closing settlement costs include a year's worth of escrow. On top of that the mortgage company starts collecting monthly property tax to be escrowed. Is this a normal procedure? If so are you not paying property tax twice for the first year? Thanks. |
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Trust me, I'm sure you're not being charged twice for the current year's taxes. The monthly payments your lender is collecting will be accumulated in your escrow account and used to pay NEXT year's bill. What you paid at closing was for this year. It's a bit hard for me to be more specific because I don't know whether your state collects property taxes in advance or in arrears. But I'm sure you're paying only once. |
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Edith
Originally published on July 9, 2007 |
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