quite taxing
the house i bought was a rental property for about 8 years. listed as the owner's second home, it got taxed at $2250 per year. but this is my primary residence so i will get a 50% home owner's exemption on my taxes (reduces the annual amount by about $700-$800 if i am lucky, given the reassessed property value, and also any changes to the 2004 levies). but grab this, i will continue to pay $180 in taxes per month even though this is my residence. the tax readjustment won't go into effect till june 06. that's the way uncle sam has it designed - they collect back taxes every six months, for reasons i can not clearly understand. meanwhile, your monthly payments accumulate in your escrow account. from what i gather, apparently, the feds collect the taxes for jan - jun in dec of same year and jun to dec in jun of following year. this is heresay, so don't quote me.
point is, my taxes will not be readjusted till mid-06 at which time i am responsible for notifying the mortgage company. the former owners did make adjustments for the first 8 months of 2005 when we closed on the house. bottom line is, for no justifiable reason, i will be paying abt 60 dollars additional for the months between aug 05 and dec 05, and as a result, uncle sam will get to add approximately $60*4 = $240 in their 'ill-gotten gains' coffer.
point is, my taxes will not be readjusted till mid-06 at which time i am responsible for notifying the mortgage company. the former owners did make adjustments for the first 8 months of 2005 when we closed on the house. bottom line is, for no justifiable reason, i will be paying abt 60 dollars additional for the months between aug 05 and dec 05, and as a result, uncle sam will get to add approximately $60*4 = $240 in their 'ill-gotten gains' coffer.
