How do you pay property tax on a house paid for in full?
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I want to purchase a house, $30k. Can anyone estimate the tax, title, out the door cost?! Also on a mortgaged home, usually property tax and homeowners INS is included with the monthly payment. If the home is paid off, how is property tax paid? Yearly, quarterly ?
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Answer:
If there is no mortgage or if your mortgage company does not require an impound account -- I have not had one in years -- you pay the taxes directly to the local tax collector. Due dates vary based upon state law and can be annually, semi-annually, or quarterly. Property taxes vary widely and in most states are set locally. Consult with the local tax assessor's office to see what the millage rate is and how assessed values are determined. Closing costs on an all-cash transfer would run around 1% of the selling price plus any local recording fees though that can vary with local practices. Some jurisdictions have a real estate transfer tax that can add a couple of percentage points to that.
~*Sarah*... at Yahoo! Answers Visit the source
Other answers
If you don't have a mortgage, the tax bills come directly to the owner who then pays them.
Judy
You write a check to the local tax collector.
Max Hoopla
you pay property taxes on the home you purchase as long as you own it, paid for or not the county submits a bill to you annually which can be paid in two equal installments
tro
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