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Most home buyers get a mortgage loan to finance the purchase. And for most people, the mortgage servicing company holds some of the owner’s payment in escrow, and pays property taxes out of that account on behalf of the borrower as long as the mortgage exists.
But what if the mortgage servicer lets a tax payment slip through the cracks?
Continue reading “Mortgage Company Paying Your Property Taxes Out of Escrow? Check.”
Getting over the hurdle of property tax payments is harder these days. That’s because taxable home values have gone up.
So older Pennsylvanians are praising their governor, Josh Shapiro, for signing Act 7 of 2023 into law. It enlarges Pennsylvania’s Property Tax / Rent Rebate (PTRR). Hundreds of thousands of people — those who own, and those who rent — will benefit from the change. They include: Pennsylvanians aged 65 and up; surviving spouses aged 50 and up; and people with disabilities who are at least 18 years old.
The modified law takes effect in January 2024. But you need to know about it in order to get it! So here’s a Q&A to describe what’s going on.
Continue reading “A Ray of Sunshine for Older and Disabled Residents: Pennsylvania’s Amped-Up Property Tax Assistance Can Help”
Seriously? Ordinary home expenses now cost the average homeowner more than $14K every year? That’s above and beyond the owner’s mortgage loan payment, according to Zillow and the home improvement estimate company Thumbtack, in their 2023 study.
Mortgage interest and high property values aren’t the only price a buyer pays. And the totality of homeownership costs can take first-time buyers by surprise.
Ordinary costs of owning a residence include repairs and maintenance, as well as the inevitable utility charges, property taxes, and insurance premiums.
Continue reading “First-Time Buyers, Get Ready for These Extra Costs”
Maine will cover property taxes for homeowners aged 65+ who have annual incomes under 40K. Thousands of homeowners — most of Maine’s residents who receive Social Security benefits — will be eligible for the benefit. The provision, LD 1638, takes effect on Oct. 18, 2021. There is a catch for these eligible owners, though.
Here’s the story.
Continue reading “Hold On, Maine Seniors. Property Tax Relief Is Coming”