13 Mar 2024
By RESCO Realty

The Role of Mortgage Escrow Accounts in Property Tax and Insurance Payments

Home Mortgage Tips, ,
A mortgage escrow account, also known simply as an escrow account, is a financial arrangement set up by a mortgage lender to manage and disburse certain payments related to the property on behalf of the homeowner. The purpose of an escrow account is to ensure that essential expenses, such as property taxes and homeowners’ insurance, are paid on time. Here's how a mortgage escrow account works: Creation of Escrow Account: When you obtain a mortgage loan, your lender may require you to establish an escrow account. This account is typically separate from your mortgage loan account. Monthly Payments: As part…
Read More
21 Feb 2024
By RESCO Realty

A New Homebuyer’s Guide to Understanding Property Taxes

Real Estate, ,
Purchasing a new home is an exciting milestone, but it also comes with various responsibilities, including understanding property taxes. Property taxes are a crucial aspect of homeownership, as they contribute to local government funding and services. In this guide, we'll break down everything you need to know about property taxes as a new homebuyer. What Are Property Taxes? Property taxes are taxes imposed by local governments on property owners. These taxes are based on the assessed value of real estate properties, including land, buildings, and improvements. The revenue generated from property taxes is used to fund essential services such as…
Read More
18 Aug 2023
By RESCO Realty

Disputing Your Property Tax Assessment Can Save You Money

Real Estate, ,
Property taxes can be a substantial financial burden for homeowners and property owners. Each year, local governments assess the value of properties to determine the amount of property tax owed. However, these assessments are not always accurate and can result in higher tax bills than necessary. Disputing your property tax assessment is a proactive way to potentially save money and ensure you're paying a fair and equitable amount. Reasons for Flawed Assessments: Property tax assessments are not immune to errors and discrepancies. Several reasons can lead to an inaccurate evaluation of your property: Market Value Misjudgment: Assessors may rely on…
Read More