Property Taxes Continue Climbing

Over the last few months, homeowners and investors began receiving their proposed property tax for 2024. We’ve seen a steady increase in taxes as well as property insurance rates over the last few months. What does this mean for you?

With higher taxes and premiums, the monthly payment increases. Your mortgage company will usually deduct property taxes in advance of the payment by estimating the tax payment based on the previous year. An increase in taxes could mean you will need to pay the difference when the tax bill comes around.

Be sure to reach out to your mortgage company to discuss your tax bill and how that will impact your monthly mortgage payment.