Yes
When it comes to supplemental property taxes, many homeowners wonder whether they are paid through their escrow account. The answer to this question is straightforward: yes, supplemental property taxes are typically paid through escrow. Escrow accounts are set up by lenders to hold funds for property taxes and insurance. When supplemental property taxes are due, they are paid from this account just like regular property taxes.
FAQs:
1. What are supplemental property taxes?
Supplemental property taxes are additional taxes levied on a property when there is a change in ownership or new construction that increases the assessed value of the property.
2. Are supplemental property taxes paid separately from regular property taxes?
Yes, supplemental property taxes are separate from regular property taxes and are typically paid in addition to them.
3. How are supplemental property taxes calculated?
Supplemental property taxes are calculated based on the difference between the old assessed value of the property and the new assessed value after a change in ownership or new construction.
4. When are supplemental property taxes due?
Supplemental property taxes are due within 30 days of the date of the supplemental assessment, which is usually sent out by the county assessor’s office.
5. Can supplemental property taxes be paid in installments?
Some counties allow homeowners to pay supplemental property taxes in installments, but this varies by location.
6. Will my lender notify me if supplemental property taxes are due?
Lenders may not always notify homeowners when supplemental property taxes are due, so it’s important to stay informed about any changes in property taxes.
7. Are supplemental property taxes deductible on my tax return?
Supplemental property taxes are generally deductible on federal tax returns, but you should consult with a tax professional to understand how they apply to your specific situation.
8. Can I appeal the amount of my supplemental property taxes?
Homeowners have the right to appeal the amount of their supplemental property taxes if they believe there is an error in the assessment.
9. What happens if I don’t pay my supplemental property taxes?
Failure to pay supplemental property taxes can result in penalties and interest fees accruing on the unpaid amount.
10. Can I request to have my supplemental property taxes paid directly instead of through escrow?
Some homeowners may be able to request to pay their supplemental property taxes directly instead of through escrow, but this is subject to lender approval.
11. What happens if I overpay my supplemental property taxes?
If you overpay your supplemental property taxes, you may be eligible for a refund from the county assessor’s office.
12. How can I find out the amount of my supplemental property taxes?
You can contact your county assessor’s office to find out the amount of your supplemental property taxes and when they are due. It’s important to stay informed about any changes in your property tax obligations.