What are Escrow Taxes?
Escrow taxes are funds which
have been collected by a bank, loan, mortgage or
service company from the property owner for the
payment of taxes. These funds are usually collected
monthly as part of the regular payment and held in
escrow until the taxes are due. The lien holder will
request the billing be sent to the lien holder’s
address and should remit payment to the Collector’s
Office on behalf of the owner.
will happen if my mortgage company does not pay my
taxes by December 31?
responsible for the payment of your real estate
property taxes whether or not you have escrowed with
your lien holder. Real estate property tax bills
that are not paid before January 1 will accrue late
penalties and fees.
I recently purchased real
estate; will I receive a bill this year?
estate is bought or sold, on or after October 1, the
tax bill may be generated in the previous owner’s
(seller) name and mailed to the address on file
prior to October 1 unless the new owner (purchaser)
notifies the Collector’s or Assessor’s Office of a
change in property ownership. The new owner is
responsible for the taxes on the property regardless
if a tax bill is received. If you are a new owner
and have not received a tax bill by December 10,
please contact the Collector’s Office immediately.
has been paid off. Will my mortgage company still
pay the taxes this year?
check with your mortgage company. Depending upon the
timing of the payoff, your loan company will most
likely return the escrow balance to you or credit
the escrow against the loan balance due. If you are
now responsible for paying the bill directly please
contact the Collector’s office immediately so we may
forward a copy of the tax bill to you.
I received my loan from one
company, but now I send my payments to a different
company. Which company will pay my taxes?
today’s frequency of mergers between financial
institutions and the practice of selling loans to
another company, an escrow account may change
companies throughout the year. Additionally,
mortgage companies may contract with a tax service
company to monitor and submit their clients’ tax
payments. The Collector’s Office recommends that
homeowners, escrowing for their taxes verify where
the real estate property tax bill is being mailed.
moved recently and have not received my tax bill.
Who should I notify?
Please notify either the
Collector’s or the Assessor’s Office immediately of
any changes to your address. However, failure to
receive a tax bill does not relieve your obligation
to pay property taxes and any late charges due. If
you have not received a bill before December 10,
contact the Collector’s Office immediately, so we
can forward a copy of the tax bill to you.