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Does anyone pay their property taxes separately quarterly or yearly?
We are about to close on a house in Commack and were given an option of lowering our monthly payment and one way would be to pay separately for our property taxes which are 19k a year.
I would save more per month but have to make those quarterly payments.
so i was told we can include homeowners insurance in the escrow since it’s just 2700 a year and pay the 19k separately. just trying to figure out if it makes more sense since technically i’ll be saving more per month
I know people that chose to pay separate because they wanted the 5 percent in high yield savings interest. But they forgot that is temporary.
It’s personal preference. Payments change with the taxes every year. Not a big deal. You can argue for both sides.
The only thing should be if your not responsible (sadly are lot of people aren’t) then you really should escrow.
I don’t escrow because my bank didn’t offer it years ago. Now they do and i asked why they said to many people were not paying their taxes. I stand on line twice a year for 10 minutes and pay in person. I don’t mail the check because it could in theory be stolen and cashed then I got to pony up 20k (10k that was stolen and needing to be reimbursed and the 10k to cover my taxes).
I know people that chose to pay separate because they wanted the 5 percent in high yield savings interest. But they forgot that is temporary.
It’s personal preference. Payments change with the taxes every year. Not a big deal. You can argue for both sides.
The only thing should be if your not responsible (sadly are lot of people aren’t) then you really should escrow.
I don’t escrow because my bank didn’t offer it years ago. Now they do and i asked why they said to many people were not paying their taxes. I stand on line twice a year for 10 minutes and pay in person. I don’t mail the check because it could in theory be stolen and cashed then I got to pony up 20k (10k that was stolen and needing to be reimbursed and the 10k to cover my taxes).
thanks for your thoughts! do you feel you save more by paying separately?
If you can pay property tax and home insurance separately, I would do it base on these reasons.
1. Easier to switch home insurance insurer if you get a crazy increase on a renewal (volatile insurance market right now)
2. Take advantage of the high interest rates and put the property tax/home insurance payments into a saving account.
3. If you grieve your property assessment and lucky enough to lower your taxes, you don't need to wait for the mortgage
company to reanalyze your escrow account before your escrow payments are lower.
^ I pay homeowners independently. I don’t do that with taxes because I absolutely hate the thought of handing over $7k at once, lol.
It won’t be long until the Re taxes are greater than the mortgage. Just insane!
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