The Delaware County Tax Bureau wants to alert homeowners that not all lending institutions escrow for taxes and that it is the homeowner’s responsibility to ensure that these taxes are paid.
When taking out a new mortgage or refinancing your property, ask your financial institution if they will escrow your real estate property taxes. If the answer is “yes,” the mortgage lender is obligated to pay your school, municipality and county taxes in the current year.
If the answer is “no,” the homeowner must set aside enough money each month to pay real estate taxes to the county, municipality and the school district.
This also applies to homeowners who are negotiating a reverse mortgage.
If these taxes are not paid by the financial institution or the homeowner, your property becomes delinquent. The homeowner will incur additional costs and fees by the Tax Claim Bureau.
The Delaware County Tax Claim Bureau reminds all homeowners to request that their lender escrow their taxes, or be sure they put the money aside for when the taxes come due.
Homeowners should also be sure to pay an interim tax bill that results when any improvements are done to the property. Mortgage companies are not obligated to pay the interim tax.
People with questions can contact the Delaware County Tax Claim Bureau at 610-891-4273.