Mark your calendar: It’s tax time. In fact, if you pay your property taxes after Dec. 10, they will be delinquent. You can find out more here, and/or just read on.
It’s important to remember that, if your current tax installment has not yet been paid, it should not be paid directly to the tax collector but rather in the form of a cashier’s check in the amount of the installment due to the appropriate county tax collector. This will allow for verification of tax payment and avoid a possible four-to-six-week delay for such verification, as well as avoiding possible double payments.
In addition, if a separate supplemental tax bill has been recently received, follow the above procedures and pay both halves.
Either installment of a new tax bill can be paid from the proceeds at the close of escrow. You should know, though, that if the escrow closes after the delinquency date, you’ll have to cough up at least a 10 percent penalty.
Furthermore, if either or both installments of taxes have been paid but cannot be verified, prepare to provide cancelled checks or credit card statements for these payments. And if an impound account exists with the lender, taxes can be paid from it prior to the delinquency date.
If escrow is slated to close prior to the due date, you’ll need verification of payment from your lender in writing. If your loan is paid off prior to the tax due date, the lender can apply the tax money they are holding to the payoff amount rather than paying the taxes.
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