Property Taxes

Property taxes (also known as real estate taxes) are assessed on the property by the local government (e.g. city, county, village or township) for the various services provided to the property owner. When you pay property tax each year, you’re paying for necessities that are provided by the city, such as police and fire department services, garbage pick up and snow removal.

Typically, you will pay property taxes into an escrow account and your lender will forward the payment to your local government when it becomes due. Property taxes and the interest you pay on your mortgage are usually tax-deductible.

If you have questions about your financial options call (800) 251-9080 to talk with a Quicken Loans Home Loan Expert today.

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