Dear Claire: How Do Property Tax Statements Work?
Understanding Your Property Taxes: What You Need to Know
Today we’re talking about taxes, and property taxes to be specific. Multnomah County just sent you a property tax statement if you’re an owner of property in Portland, Oregon. This is what it looks like if you have a mortgage on the property and you are not paying your property taxes. Or let me revise that. You’ve been paying your property taxes every month for the last 12 months and your lender, whoever that is, has been banking that money and saving it up. They’re going to pay it directly on your behalf so you don’t have to do anything. The document that you got is for your taxes when you file your income taxes in April of next year. So, keep this document for that. Other than that, you don’t have to worry about it. If this document is green, okay, call me because that means to pay. Green means you owe the county taxes.
A couple things you should know, the bottom of this form has a payment plan for you. It says, “Hey, if you want to pay it in full, you’ll get a discount and you can do that, “or you can pay it in thirds for the entire year.” They’ll let you do either of those options if you’re paying, but again, if it’s yellow, don’t have to pay it since your bank’s paying it for you. You’re just keeping that for your income tax purposes for next year so that when you go to file your taxes, you can write off some or all of those property taxes.
Of course, let me know if you have any questions because invariably, I always get approximately five calls a year people panicking. I mean this one that I have here is $4,000. It’s not a small amount of money. So yes, call me if you have any questions about this and I’m happy to help. If you have any questions about anything else you want me to weigh in on, I’ll be happy to address your questions in one of our next Dear Claire videos! If you’re looking for any more fantastic content, we’ve got a whole YouTube channel for Paris Group Realty, LLC. I would love to have you click over there and check it out and subscribe. Anyways, have a wonderful day. We’ll talk soon. Take care.
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