Aren property taxes included in the mortgage payment ?
Review your Close of Escrow statement that should show an impound account. Sometimes an adjustment is made at COE to bring property taxes current at the new rate, you might have thought that was the impound. Also, check with your lender, if there is an impound account they should give you at minimum an annual accounting of the amounts held in impound and the amounts paid and when for taxes and insurance. If you are not paying insurance yourself there is a very good chance there is an impound account. In every circumstance if your property insurance has lapsed or been canceled you will hear from the lender that the lender is taking out an insurance coverage on the property.
IF you “escrowed” your taxes and insurance, then you submit the monthly allotment with your payment. On your monthly mortgage statement it would show “Escrow payment” and “Escrow balance”. Even if you have escrowed your taxes and insurance, you still get the statement from the tax authority. You need the statement for your year end income taxes.
