paying property taxes early?
- Thread starter DannyMotorcycle
- Start date
That's in Maryland. In other Democrat states it is MUCH higher, which is how someone with a fairly modest home in New Jersey can have a $12,000 property tax bill each year. Yes, kids, that is $1000 a month JUST for the tax on your property.
It is not Trump's fault that certain state taxes are so astronomical. Ideally this would make them look at how their state is gouging them and go, "Wait a minute..." but I have lost hope that progs will actually develop any common sense.
h3mech
Active Member
the rich are worried, so much for a rich give away that everyone is worried, you all need to get on board the trump train. just think if everyone was on board we would get some much done
awpitt
Main Streeter
I did it once before but didn't experience what you described here. I paid property taxes ahead and when the mortgage company didn't get a tax bill the following year, they sent me a letter in the mail asking what I wanted done with my extra escrow balance.
Sure, because now they're closer to having to pay that "fair share" they keep railing about. But go ahead and try to explain that to some brain dead Democrat Trump hater. It's more frustrating than trying to pay your property taxes in advance and having it credited with your mortgage company.
Even after I got the county to acknowledge that I had indeed paid them almost $3000, it didn't get sent to my mortgage company until almost 6 months later, and by then it was too late to get the benefit that prompted me to pay in advance in the first place.
awpitt
Main Streeter
...and that $10,000 deduction cap isn't just for property taxes. The deduction for property taxes, state & local income taxes, and state sales taxes are all together capped at $10,000.
awpitt
Main Streeter
Well, I really can't address your experience. It was certainly different than what I experienced.
Math much?
My property tax bill is roughly 1% of my property value at this time. Oops. But BD's numbers were accurate. ;-)
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And you understand that that will affect wealthy people way more than it affects the middle class, right? And that it certainly won't affect the poor? Especially when combined with a much higher standard deduction?
T, tell me you understand that.
As screwed up as my mortgage company is on a regular basis, I'd hate to see how they handled an early payment of property taxes, well in advance of any bill. They paid nearly $3000 to three different flood insurance policies in one year..for example. Took another full year to sort that mess out...said mess increasing my monthly payment in the meantime, of course.
Okay, good. I was wondering why you were paying 10% when the rest of us were only paying 1%.
My mortgage company was all over it. It was the county that was incompetent. At one point they tried to tell me they couldn't give me any information regarding my account. "I'm sorry, we cannot divulge that information..."
I'd be doubly screwed then. Incompetent mortgage company and incompetent county office. ;-p
I still haven't seen how folks that pay long before the bill is issued figure the amount. Guess?
Go by what you owed last tax period.
NorthBeachPerso
Honorary SMIB
This is a moot discussion. The IRS came out with guidance yesterday that prepaying will only benefit those for whom 2018 property taxes have already been assessed. Maryland doesn't assess until July 1.
awpitt
Main Streeter
Maryland assesses a given property once every three years so if you're within that three year period, you're fine.
Wrong again genius. Maryland “appraises” property every three years. The assessment is on July 1, which can change every year.