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seany187 | Taxes in first year of home ownership? $9,000? What to do to? |
We bought a house last october and with the economy went bad. We are making all od our mortgage payments on time no problem including insurance, electric, water, gas, etc all on time. But we got hit with $9,900 in property taxes. One of them is delinquent already and the second one is delinquent after december 10th. The house was bought at $485,000. Anyone have any tips on how to handle this? We definitely can't afford this kind of tax hit, $3,000 maybe, but $9,000 that's crazy!
Additional Details
I am a first time buyer, I calculated the taxes when buying the house, and the city said only 1% yearly property tax. We have enough money saved up to pay that, but not $9,000. Is this some kind of first year tax or something? I don't remember seeing any of this in the paperwork, but my goodness, it was a LOT of paperwork. |
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chatsplas
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Sorry you're being squeezed. However, you KNEW about real estate taxes at time of purchase, or should have known. It's a factor in determining whether you can afford property. It was disclosed in listing agreement and closing documents. Do you not have esrow? If you have no escrow, you may be able to get a HELOC to pay the taxes, but set up a escrow to make next payment, and be sure you're paying principal and interest on loan repayment. |
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Judy1
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Wow! That's a lot. About 3 times mine - but then again, so is the value of your house three times mine (I'm in sw PA where home prices are reasonable).
Is that tax bill in line with comparable houses in your area? If it is, you are probably stuck with it. If it's a lot higher than other comparable houses in your area, file an appeal. |
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viajero_intergalactico
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you might try calling the county property tax collector to ask to have your house re-assessed. The HOE mentioned above is cool, but only equals $200 in savings per year.
get your house assessed at a lower value if it in fact is worth less than you are paying for it. but becareful, if you house is assessed at even more, then your bill will be even higher.
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knittinmama
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Why didn't you get the taxes paid out of an impound account as part of your monthly mortgage payments? You need to do something soon or your house could be taken and sold for unpaid taxes. |
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joliesf
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Review the tax statement again for accuracy. I live in a high tax area but pay about $11,000 on an $800,000 purchase price, so this does sound high. If it is legitimate, start talking to your lender, as this is one you don't want to let go very delinquent. It sounds like there might be back taxes involved, but it also seems like that would have been handled when you closed escrow. I have never heard of or paid any special first year taxes. Another issue would be if you were able to get your house below the appraised value - if the house is worth more you may need to pay on worth, not what you paid. |
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Jeanbug
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This seems really high to me ~ did you file for your home owners exemption? If not (or if you can't remember), call the tax assessor's office and ask. Filing a HOE doesn't come automatically ~ you may have missed seeing the paperwork in the closing packet ~ but it should reduce your tax liability in the future.
As far as the current tax bill; in most cases, the mortgage company usually takes out a PITI Payment (principal, interest, taxes, insurance) and assumes responsibility for paying the taxes & insurance as they come due. For those who don't have the payments automatically taken out, it's important to set aside a certain amount in a savings account so the money will be there.
You in a bit of a quandary ~ not only do you have this $9000 tax bill due NOW, you also have to start setting aside money for next year's taxes. What's I'm afraid you'll have to do, is try to pay $1000 towards that bill every month and put an additional $500 in the bank for next year. Even though tax bills are paid twice a year, when you are short of cash, it's perfectly OK to pay them monthly until you've caught them up. You'll be charged a bit of penalty and interest, but it's better than losing the house to back taxes. |
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wartz
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Property taxes are not something you can bargain about. You should have known what the total tax bill was when you bought the house. The city may only have a 1% tax, but what else is there on the bill that the city has no control over?.
In any case, you knew that tax would be at least 1% of $485,000 so you are still short. |
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Sharon R
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Sounds like you do have a dilema. There are a couple of things that you might consider. You could contact your mortgage company and see if you can set up an escrow account. If you are going to be accessed this amount every year, then this might be a great idea. But since you owe $9900, you would have to pay an additional $820 per month with your mortgage payment.
Your other option would be to set aside your own amount every month into a savings account especially for paying taxes. Not only would you be saving for your payment, but you would also be earning interest on the monies.
Unfortunately, with the value of your house being high, you are going to have to expect an extremely high tax assessment. I am surprised that you were not told what to exect yearly by your realtors. |
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Helen, EA in PA
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You did not research your taxes? Maybe you can set up a payment plan for the past due taxes, but you have to put money back for future taxes too.
Welcome to home ownership in these poor economic times.
Helen, EA in PA |
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