As a first-time home buyer, it’s important to understand your tax bill. If you recently purchased your home with a loan, you should know your taxes are getting paid every year through the mortgage payment you submit. There was an escrow created to put money aside for your taxes and insurance. This is where P.I.T.I comes into play. Principal, Interest, Taxes, and Insurance.
If you bought your property in cash, you will need to pay your taxes, since you own the house free and clear. There are 2 payments set in one year.
The first payment is in March and the second payment is in September.
You will need to know your P.I.N number of your house, which is like the social security number of the house. It’s a unique number for each property.
If you still have questions about your tax bill drop us a message and we will be happy to go over it.
Please check out this video that talks about your tax bill if you are in the cook county area. Each county is different.