Property Tax

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If you own property, you will probably have to pay property tax on it. Property tax is usually imposed and levied by the county you live in. It's calculated based on the assessed value of the property, and usually reevaluated every three years. If the value of property in your neighborhood has gone up, it's a fair assumption that there will be an increase in your property tax. As part of the monthly repayments for their mortgages, most people include some money that is kept in an escrow fund by the lender and used to pay the property tax when the tax is due. Make sure you know if this is being done, because you will almost certainly get a property tax bill regardless of whether your lender is paying the property tax, and you might pay the tax yourself by mistake, not realizing your lender has already paid it.