Like most recurring expenses, property taxes have late fees if not paid on time. While the amount and specific consequences vary from one municipality to the next, property tax late fees are something homeowners will want to avoid. Here are some basic facts about paying your property taxes on-time and in the correct amount:
Property taxes are calculated based on many factors. However, you can estimate them for yourself by multiplying the assessed value of the home by the local tax rate. The number you come up with is likely not the exact amount you'll see on your bill, but it's a great way to familiarize yourself with the general amount.
Luckily, most property tax payments get wrapped into your monthly mortgage payments. Otherwise, you have the choice of paying the taxes directly on an annual or semi-annual basis. Depending on your tax authority, this may mean writing and mailing a check or paying through an online portal.
There are some exemptions for property taxes. Some of the most common exemption types are available to seniors, people with disabilities, veterans and homesteaders. These exemptions usually don't eliminate taxes completely, but can significantly reduce the cost.
If you fail to pay your taxes, you'll get a tax lien placed on your home. Liens can adversely affect your credit score, and if taxes are left unpaid for too long, they can become levies allowing the government to seize your property. It's important to stay up to date on your property taxes and reach out to a professional if you expect any issues paying on time.
I'm John Mahan, Sales Associate with William Raveis Real Estate, Harwich Port Office.
Throughout his childhood, John Mahan spent summers on Cape Cod at his parents’ home in Dennis Port. His intro to the Cape was, as he puts it, when his parents “carried me down the stairs at Sea Street Beach when I was a week old.” With a lifelong connection to Cape Cod, it seemed only natural for John and his wife, Mary, to move to Harwich – where they still reside – with their two young children in 1996.
Prior to moving to Cape Cod, John lived in the Worcester-Auburn area where he worked for Mass Electric for 10 years and was a member of the International Brotherhood of Utility Workers. When John and his family moved to the Cape, he worked at NSTAR for six years.
John began his career in real estate in 2002 when he joined Team Waystack Realty in Harwich Port. He has been a consistent top producing realtor in the Harwich area for the past 20 years. John’s approachable demeanor, combined with an integral understanding of the Cape Cod residential real estate market, have allowed him to build trusting, long-term relationships with his clients – both sellers and buyers.
