Let's talk Property Taxes and Escrow

Dated: November 25 2019

Views: 265

Let's talk Property Taxes and Escrow

Today we are talking about property taxes, and how that correlates with escrow. About this time of year, you are probably getting letters in the mail from your County Appraiser letting you know what your news taxes are.

They will likely say this is not a bill and do not pay but keep an eye out for the letter because it's really important for you to take a look at what your taxes are this year. Also be sure to double check everything that's on there, and make sure all the information is correct. You're going to notice that it's going to give your home a value and you're going to think “wow, that's really low.” You want it to be low because that's what the property taxes are based off of. There's an entire algorithm that's involved with it. So don't worry if you see that you paid $300,000 for your house and it looks like it there only valuing it at $200,000. That's not saying that that'swhat your house is worth. It's just saying that that's what they're basing the property taxes off of. 

You can go to your County Appraiser's website to find out all of this information. To you’re your County’s Appraisers site you can simply Google Santa Rosa County Appraiser or Okaloosa County Appraiser or Walton County Appraiser, etc. Once you are in you should see a button to search for real property, or a property search in general. You can type in your address or you can type in your name either way you want to do it and it'll have all that information in there. It'll show you how many years that you've paid your taxes on time. It'll show you all kinds of stuff all of your exemptions.

We talked about your homestead exemptions last week, so definitely check out that video but on the property appraiser site, you're going to find your exemptions. You're also going to find your millage rate on there as well.

 

Your millage rate is a tax rate that the county uses to calculate your property taxes. It'll also gives you links to the map of your county and you can measure out your plat of land and things like that. Take a look at that if you never looked at it before because it's kind of cool to look at.

 

Once you click on that link for the tax collector you'll be able to see how much you owe on your property taxes for this year. It’s good to compare what they have online to the letter that you received in the mail because you want to make sure that the two are the same. If it is not the same, then likely there is some sort of error somewhere. If they are not the same, you will want to contact your County’s Appraisers office to get that fixed.

 

If you have a mortgage on your home, most of the time you will have escrow set up with your property taxes and your insurance being taken into account for your total payment. We also suggest that you ensure that your escrow has paid the taxes and that there weren’t any clerical errors there.

 

That is the basics of everything in regards to taxes and escrow. Of course if you have any questions, give us a call at 850-543-2260 or email us at Andrew.iremonger@gmail.com.

Blog author image

Andrew Iremonger

Andrew Iremonger started his Real Estate career shortly after leaving the United States Air Force in 2014. The qualities that the military instilled in him carried on in his work ethic. Just a few sho....

Latest Blog Posts

Road Trip Through Seagrove Florida | Scenic 30A in Florida

What’s Seagrove like? Let’s chat about it!I’m AJ Beddouk with the luxury division of The Emerald Group right here on the Emerald Coast. We’re doing videos covering the entire

Read More

29 Things You MUST Know When Buying a Condo in Florida | Explained!

So maybe you have visited the beautiful Emerald Coast and you are thinking to yourself that I might want to buy a condo while I am out there. Seems like a pretty good investment. Well, these are

Read More

Exploring Farmers Market in Niceville Florida | Check out all the good stuff!

Want to see the Niceville Farmers Market? Come with me!Hi everybody, it is Andi G with the Emerald Group right here in the beautiful Fort Walton Beach, Florida. Today we are going to be taking a

Read More

Things you MUST know when Buying a Condo in Florida | Explained!

One of the most common questions I got asked from vacation renters who are renting a condo is “What it looks like to purchase a condo?”. Today I am going to give a live example, and I am

Read More