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Updated about 7 years ago on . Most recent reply

Joe Cicero's profile image
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Joe Cicero
  • Member since Aug 20, 2018

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Joe Cicero's profile image
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Joe Cicero
  • Member since Aug 20, 2018
Joe Cicero
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Buying & Selling Real Estate

Closing Cost - Property Taxes

Joe Cicero
Posted

Hi all,

I am closing on my first investment property - a 3 unit in upstate NY.  Reviewing closing cost details, I'm not following why I am paying 11 months of property taxes upfront AND as a monthly escrow payment (along with homeowner's insurance). 

Can someone please explain? Thanks!

Joe

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Jason D.'s profile image
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Jason D.
  • Rental Property Investor
  • from St. Petersburg, Fl
  • Member since May 8, 2017

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Jason D.'s profile image
Jason D.'s profile image
Jason D.
  • Rental Property Investor
  • from St. Petersburg, Fl
  • Member since May 8, 2017
Jason D.
  • Rental Property Investor
  • St. Petersburg, Fl
4,386
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Jason D.
  • Rental Property Investor
  • St. Petersburg, Fl
Replied
@Joe Cicero probably because they are due August 1st so you are paying for the 11 months that you owe for 2018-2019 and then the escrow payments are for when they're due next year.
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