Don’t you just wish you could do away with property taxes? Of course those funds are used for many important things, but sometimes it is just really difficult when you have those extra bills that you have to pay, especially when they only happen once a year. It’s the same thing with income taxes, as people seem to dread tax time.
Some people have their taxes in escrow, which means they don’t even have to think about putting the money back towards their tax bill. The money is included in their mortgage payment, and then when it’s time to pay the property taxes, it is taken care of for them out of the escrow account balance.
If you don’t take care of your taxes with an escrow account, then it falls on you to save the money and remember to pay the bill when they are due. Taxes on property are different everywhere, and I can tell you that I’m blessed to live in a state that has some of the lowest taxes on property, South Carolina.
Have you ever been late on a tax bill before? They will add quite a bit of money to the principal amount owed if you don’t make the payment by the deadline. If you continue to be late, they add more and more of a late fee, which can make your tax payment be considerably more than you would originally have had to pay.
It’s a good idea to save up for them instead of planning on paying them all at once. You never know what is going to come up, so be prepared. My taxes on my condo in South Carolina are only a little over 500 dollars, but for my small house in Texas, they used to be over 1,200 dollars. That is a big difference!