Getting your property tax bill might not be the most exciting part of homeownership, but it’s one of the most important. Local governments rely on these taxes to fund essential services like schools, emergency responders, public parks, and road maintenance.

No matter what type of real estate you own, you’re responsible for these taxes—and falling behind can come with serious consequences. Depending on 澳洲幸运5官方开奖结果体彩网:how your mortgage is structured, you may already be payi🅺ng your property tax bill automatically each month. If not, it’s your responsibility to stay on top of the due dates, payment options, and annual assessment notices to make sure you’re paying the correct amount.

How Are Property Taxes Calculated?

Property taxes are a type of 澳洲幸运5官方开奖结果体彩网:ad valorem tax, which means they’re based on the value of your property. A local assessor estimates your property’s 澳洲幸运5官方开奖结果体彩网:fair market value each year, often using recent sales data from similar homes in your area (also known as 澳洲幸运5官方开奖结果体彩网:comparables, or “comps”). If your home has unique features or 澳洲幸运5官方开奖结果体彩网:recent upgrades—like a new kitchen or finished basement—those could bump up your 澳洲幸运5官方开奖结果体彩网:assessed value.

Adam Hamilton, Co-Founder of rental property accounting so🌺ftware REI Hub, added that homeowners often forget to account for tax increases after renovations.

“People think about the cost of a new deck or kitchen but forget that these upg♛rades increase the value of their home—and their property taxes right along with it,” said Hamilton.

In most jurisdictions, your annual 澳洲幸运5官方开奖结果体彩网:tax bill is calculated by multiplying your assessed value by your 澳洲幸运5官方开奖结果体彩网:local tax rate, which your city, town, or county government sets. You may also see♒ additional fees on your bill tied to specific projects or services, such as fire department funding or school improvements.

Property taxes are typically prorated during a home sale, with the buyer and seller splitting the year’s bill based on when the property changes hands.

How to Pay Your Property Tax

There are two main ways to pay property ta❀xes: thro🌺ugh your mortgage or directly to your local tax office.

Pay Through Your Mortgage

If your mortgage includes an escrow account, your lender collects a portion of your annual property tax bill along with your monthly mortgage payment. This is often referred to as part of your PITI—principal, interest, taxes, and insurance. You can find this breakdown on your closing disclosure document.

You can also confirm your total annual payment by checking Box 10 of your 澳洲幸运5官方开奖结果体彩网:IRS Form 1098, which your lender is required to send if you paid $600 or more in mortgage interest during the tax year. If yo𓆏ur lender overestimates♍ or underestimates your tax bill, you could receive a refund—or owe more to cover the difference.

Pay Your Local Tax Office Directly

If you don’t have a mortgage, or if your lender doesn’t manage your property tax payments, your local tax office will send you a bill—typically once or twice per year. Most juri𒈔sdictions offer several payment options:

• Pay in person at your local tax collector’s office.
• Mail a check or money order.
• Make an electronic check payment (eCheck) through your jurisdiction’s website.
• 澳洲幸运5官方开奖结果体彩网:Pay with a credit or debit card either online or by phone. Note that this payment method may result in an additional convenience and/or processing fee.

Some areas let you break up your payment into monthly or quarterly installments, and others may offer early payment discounts. Either way, it’s wise to mark your due dates on the caꦰlendar—missing one can result in penalties and interest.

Can I Appeal My Property Tax Assessment?

If your property tax bill seems unusually high or you think you’re eligible for an exemption, you may be able to 澳洲幸运5官方开奖结果体彩网:lower your tax bill by appealing it.

Hamilton noted that homeowners shou🃏ld consider appealing their property tax assessment if the annual increase s𒊎eems much higher than it should be, or if similar properties in the area didn’t see the same increase.

There may also be mistakes on your property tax assessment that could trigger an unexpected increase. John Zinati, a real estate lawyer at Zinati Kay Barristers & Solicitors, gave an example of a client whose tax bill jumped because the county mistakenly listed their unfi෴nished basement as finished living space.

“That mistake cost them nearly $1,000 due to overpayment until we straightened it out,” said Zinati, who advised homeo𝓡wners to carefully check their annual assessment notice for inaccuracies. 

“Any discrepancy in square footage, lot size, 🐲or features mentioned should be rep🧔orted immediately,” he added.

What Happens If 𝕴You Don’t Pay Your Pജroperty Taxes?

澳洲幸运5官方开✃奖结果体彩网:Falling behind on your property tax payments can lead to serious financial trouble. You may start with penalties and interest, but if the debt remains unpaid, the local government can place a tax lien on your home. That lien could prevent you from selling or refinancing until the debt is cleared.

In some states, tax authorities can move quickly to sell your tax debt to private investors—or worse, initiate 澳洲幸运5官方开奖结果体彩网:foreclosure proceedings to recover the unpaid amount. This can affect your personal credit and chances of securing future mortgage loans for years after the foreclosure occurs.

If you're having trouble paying your bill, don’t wait until your payment deadline passes. Contact your mortgage company (if applicable) or your local tax office to inquire about your options.

“Many local areas will provide some kind of prꦉoperty tax assistance to those who are struggli🎉ng,” said Hamilton.

The Bottom Line

Property taxes are a necessary part of owning a home, and understanding how they’re calculated and paid can help you avoid overpaying or fal🤪lꩲing behind. Check whether your lender handles your payments, review your annual assessments for errors, and reach out to your local tax office if you’re struggling to make a payment. Research and confirmation with the appropriate agencies can go a long way in protecting your home and finances.