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Changing frequency property tax payments to JC
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Home away from home
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Most of us property tax payers, pay our property tax as part of our mortgage payments. Depending on the way our mortgage payments are set up, we pay off our mortgage monthly, bi-weekly, or semi-monthly. The bank also pays the property tax quarterly from an escrow account that is funded from these monthly/biweekly/semi-monthly payments.
When I moved from a monthly mortgage + prop tax payment to a bi-weekly my 30-year mortgage will be paid off 5 years sooner, due to less interest charges. That's nearly a 20% reduction in long-term costs. Here's my question. Why can't we do the same thing with property tax? I'd like to pay it off monthly or biweekly and receive a discount based on frequency of the payment. (and the interest earned by JC on early payment).
Posted on: 2011/3/25 0:26
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