The property tax bill for your home is out – you should have received it already, or you will any day now.
But why do we say DON’T pay it? Well, it’s just a gentle reminder and an opportunity to hit the highlights on your property taxes.
Do you Escrow?
These days, most people escrow their mortgages, meaning your monthly payment includes your escrow for those property taxes and insurance.
Sometime in December, your escrow company will pay your property tax bill, in advance of the January 5, 2018 deadline before penalties.
And if you pay your own property tax bill, then you have until January to pay the bill without penalty. I’ve been in that line on January 2nd paying Wake County!!
Did you recently Sell or Buy?
No matter whether you closed in July or January 2017, if you sold a home this year, you might still get the tax bill for your old house mailed to you – even to your new address. Or, you might get a tax bill for your new house in the last owner’s name.
You don’t have to pay it.
Every closing attorney we use or have encountered over the last 60 days has paid the 2017 tax bill. They took the Seller’s pro-rata share from their proceeds, and charged the Buyer for the rest of the year, and they paid the bill.
A Couple of Notes on Property Taxes
For the last 3 years, almost every city in Wake County – Cary, Apex, Holly Springs Wake Forest – has kept the tax RATE the same.
But Raleigh has increased property taxes this year by 1.7% (mostly for a transit bond).
And Wake County – whose #1 expenditure is the school system – raised the tax rate 2.4%
In 2018, Wake County will seek a $1 Billion+ school bond, likely raising taxes by $150 for every $300,000 of home value.
Durham County has also raised property taxes – 3.7% this year alone.
And if you escrow and your taxes go up – your escrow company will probably increase your monthly payment to cover the higher amount.