Quote:
Originally Posted by CalgaryFan1988
- Don't put your property taxes in with your mortgage, because then you are paying interest on your taxes.
|
I could be wrong, but I dont think thats the case. The property taxes are a seperate component of your mortgage payment. The amount of your taxes that is included in your payment gets put into a seperate account called your property tax account. At the end of the city;s tax year, the mortgage company will then pay the property taxes on your behalf. Having said that, you may want to inquire if the mortgage company pays you interest on your property tax account. Some do, some dont.
I prefer to have the town withdrawal the property taxes for my home directly from my bank account. My financial institution doesnt pay me interest on holding onto my property tax money til its due.