Save Money By Paying Your Property Taxes On Time

In the realm of conventional loans, if you finance less than 80% of your property's value, it's possible that your lender may not require you to set up an escrow account.

Consequently, by making a down payment of 20% or more, you may have the option to bypass the escrow requirement at your discretion.

Opting out of an escrow account can lower your monthly mortgage payment, yet it's important to remember that you'll still be responsible for timely payments of property taxes and insurance premiums throughout the year. If you have eliminated the escrow portion of your mortgage payment, or if you have purchased your property outright with cash, you must pay your property taxes directly to the local county office where your property is situated.

To avoid delinquency, property taxes should be paid between November 1 and March 31 each year, with April 1 marking the onset of delinquency.

Here's a breakdown of the early payment discounts available for your property taxes:

- Enjoy a 4% discount if paid by Thursday, November 30, 2023
- A 3% discount is available if paid by Sunday, December 31, 2023
- Pay by Wednesday, January 31, 2024, to receive a 2% discount
- A 1% discount can be obtained if paid by Thursday, February 29, 2024

It's crucial to keep in mind that property taxes are a fundamental aspect of owning a home.

For more information, click here to visit the Florida Department of Revenue website.

We trust that you find this information useful.