If you own any type of real estate, you are well aware that property taxes are as high as ever. Since all property owners have another payment coming due April 1st, if you're not prepared for it, as in putting money aside every month, it can be a monster hit if it is not built into your monthly mortgage payment.I am a firm believer that when you set up your loan, whether it is your personal residence or a rental house, you should have the bank esrow for taxes and insurance-a PITI payment - Principal, Interest, Taxes & Insurance. Your bank will then in turn pay your property taxes and yearly property insurance on your behalf from your escrow (savings) account.
Also, protesting taxes has become very difficult.You almost need a closing statement on a property you purchased if you want any sort of reduction. It seems comparables of other properties do not carry much weight anymore.
Here at Landmark Group, we have a service where we will protest taxes on your behalf. I would recommend this by contacting the Landmark Office.
Good Luck! And remember, you get to pay property taxes again on August 1st.
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