Property taxes – What happens year 2?

Don't get caught off guard, this is year two, existing homes or building.
Imagine you're building a new house. In the beginning, it's like a blank canvas, and you're not paying taxes for a full, finished house yet. This means, in the first year, your monthly house payment is a bit lighter on your wallet.
Here's how it works:
Year 1 (Moving in): Think of this as the year your house is still in its "baby phase". Sometime during this year, an inspector will visit and decide how much in taxes you should pay for the next year. But, remember, your house isn't fully grown yet, so these taxes are still on the lighter side.
Year 2: Your house is now a grown-up! The inspector comes by again, but this time, since your house is complete, the taxes will be set according to its full value. This means the amount you pay monthly will jump up a bit.
Now, here's a heads-up: Early in the year, after you've moved in, expect a message saying your taxes have gone up. It's like when you suddenly realize you've been spending too much and need to readjust your budget. If you're not careful, you can fall behind on these new taxes pretty quickly, and owe quite a bit.
When you first buy your house, we'll only ask you to pay the "baby phase" taxes, so you won't have to shell out too much cash right away. But remember to be smart about it:
ACTION STEP:
In January, call the customer service number on your mortgage bill. Ask if they can adjust your monthly payment to reflect your "grown-up house" taxes. If they say "not yet", set aside some money on your own. By spring, they might send you a letter saying you owe more because of the tax increase. With the money you set aside, you can either pay it all at once or decide to adjust your monthly payments.
Remember, we don't want you to be caught off guard. We can also discuss other options if this "baby phase" tax approach isn't your cup of tea. Just give us a ring!
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