Are property taxes the same as county taxes?

by **wendlesora** » Wed Apr 25, 2012 3:02 am

I just bought a home in Minneapolis,MN. Received a statement in the mail regarding PROPERTY taxes. I called the county which told me it looks as if my PROPERTY taxes would be taken out of escrow, they advised me to be safe call Wells Fargo (whom which the loan is through) to be sure. Rep at Wells Fargo stated my county taxes are to be taken out, when asked to clarify(since this is all new to me) if PROPERTY and COUNTY taxes were the same thing she said yes. She sounded a bit, hesitant, so am wondering if this sounds right? Thanks!!

by **chatima** » Wed Apr 25, 2012 3:09 am

yes are same.property taxes are
issued by county the property is in

by **achimelech51** » Wed Apr 25, 2012 3:10 am

Depending on the state involved, property taxes are the same as county taxes.

I have two different sets of property taxes. One is school taxes and the other is county/township taxes.

Don't talk to someone at a Wells Fargo call center. They have to deal with various rules all over the country. Talk to someone at your local branch who will have more insight in your town's specific situation.

by **chadburne48** » Wed Apr 25, 2012 3:15 am

Often County Tax is a blanket description covering multiple taxes. Another poster stated "school taxes". This could be 1 of several taxes and fees collected under this blanket description. Not all of it is deductible as "Real Estate Tax" on the Schedule A, though. For example, if you have water & sewer fees under county taxes, those are not considered deductible. You should contact the county tax collector's office and find out exactly what taxes are included in this lump sum s you can be prepared for tax time.

As for escrow, the entire bundle is usually paid together. You will probably receive the tax bills since you are the property owner; just forward a copy (not original) to Wells Fargo.
_______________
"you will not be paying interest each year on the property taxes"

You don't pay interest on escrow, they pay you (if there is too much paid in). Escrow amounts are ADDED to the payment AFTER it has been calculated, not before.

by **troyes** » Wed Apr 25, 2012 3:23 am

yes property taxes are assessed by the county the property is in
when you bought the property your escrow should have indicated if the loan was paying the property taxes
if you can work it out not to have the loan pay the property taxes, your payment will be less and you will not be paying interest each year on the property taxes

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