Do you still pay property tax after house is paid off?

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asked Apr 22, 2019 in Real Estate - Renting by Jonmark64 (270 points)
Do you still pay property tax after house is paid off?

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answered Apr 22, 2019 by Gracy (125,580 points)
Yes you will always pay property taxes on your home even after you've paid the mortgage off.

Usually with a mortgage you have the property taxes added into the monthly mortgage payment and then the bank pays the real estate taxes when they're due.

But when you get the mortgage paid off then you'll be sent the deed to the house and then the deed will be changed into your name and then the real estate taxes will be sent to your address and in your name.

So when you have the house paid off through the mortgage and no longer owe the bank any money you will still owe yearly property taxes on the home.

If you fail to pay those real estate taxes then after 2 to 3 years they will then put your property up for sale at a real estate tax sale and sell to anyone willing to pay the back taxes owed.

So you could lose your home that you paid thousands of dollars for to somebody who is willing to pay your property taxes owed for the home which is usually way less than what you fully paid for your home.

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