PLEASE HELP - Property Taxes

[rmacneil7]

What is the name of your state?Wisconsin

We moved in our new house in October. We escrowed our tax payments and got our property tax bill a few days ago. We have the previous owner's $ and our money, but does it make sense to wait until January to pay so we get to double up on our payments? There isn't enough interest that we paid on our mortgage to itemize, so I am thinking wait for a full year. Thoughts?

 

[seniorjudge]

What is the name of your state?Wisconsin

We moved in our new house in October. We escrowed our tax payments and got our property tax bill a few days ago. We have the previous owner's $ and our money, but does it make sense to wait until January to pay so we get to double up on our payments? There isn't enough interest that we paid on our mortgage to itemize, so I am thinking wait for a full year. Thoughts?

Are you saying that you told the sellers you would pay the taxes on time but now you want to pay them late?

 

[rmacneil7]

Clarification

No, The seller is relieved of this expense. It's all on me. I have their money for the first 9 months. Got it at closing. But, the due date for the taxes are January 31, 2006. But if you pay them in December, they fall in the 2005 tax year and you can take the 3 or so months of payments I made on my taxes (deduct) but, I won't have enough to itemize, so it's foolish to do that. So, I would pay them in January, (along with the previous owners) and then pay my taxes again in December 2006 and have 1 year of mortgage interest, 1 year or property taxes and 3 months of property taxes to itemize. Make sense or am I way off? I am brand new to this.

 

[seniorjudge]

Q: Make sense or am I way off?

A: Makes sense to me to if you will not be paying any penalties.

 

[efflandt]

If your taxes are escrowed, do you have any choice when they are paid? Otherwise I imagine they will pay them as each installment is due (Jan. & July). You would need enough in your escrow account if you want to request that they pay 2006 tax 12/2006. Or you may get more of a break if you combine 2006 and 2007 tax (2 yrs instead of 15 months).

The tax on my WI woods just went up 2000% (from under $20 to $380) when it was reassessed from agricultural crop value to actual value.