Property Tax Payment Information.. .

Property Tax Payment Information - Real Property Tax Payment Time is Drawing Near!!!!

If your transaction is in ESCROW, it is most important that you read the following concerning payment of real property taxes which will be delinquent after April 10^th.

1. To verify whether real property taxes are OPEN or PAID on your subject property, you may contact your Escrow Officer or Title Company. They will be aware of the tax status and will be able to help you take the necessary steps to see that the taxes are paid.

2. If the current installment of taxes has NOT been paid, it SHOULD NOT be paid directly to the tax collector. A CASHIERS CHECK in the amount of the installment due payable to the appropriate country tax collector should be forwarded to Escrow (at least five (5) business days before delinquent.)

Note: If a separate supplemental tax bill has been received, the above procedures should be followed and both halves should be paid.

3. Either installment of a new tax bill can be paid from the proceeds at the close of escrow. It is important to understand, however, should the escrow close after the DELINQUENCY DATE, there will be at least a 10% penalty paid by you, if item (2.) is not followed.

4. If either or both installments of taxes have been paid but cannot be verified, you should be prepared to provide CANCELLED CHECKS for such payments.

5. If an impound account exists with the lender, taxes will be paid from it prior to the delinquency date. If escrow is to close prior to the due date, however, verification of payment from the lender in writing will be required. (If the loan is paid off prior to the tax's due date, the lender may apply the tax money they are holding to the payoff amount rather than pay the taxes.)

If you have an escrow closing between now and the first of April, we hope this will assist in keeping you informed of procedures that may need to be completed during the course of your escrow.

This information is provided to you so you are aware of the actions Pederson Properties, Inc. and our Affiliates are taking to make sure your transactions close efficiently during tax time.   

*Material discussed is meant for general illustration and/or informational purposes only and is not to be construed as tax, legal or investment advice. Although the information has been gathered from sources believed to be reliable, please note that individual situations can vary, therefore, please consult a professional for specific advice.

**S1-21 (03/09)