## Property Taxes and Mortgage Payments
Property taxes and mortgage payments are two separate expenses that homeowners need to factor into their budgets. Property taxes are assessed by local governments and are based on the value of your property. Mortgage payments, on the other hand, are payments made to a lender in order to pay off the loan used to purchase the property.
### Are Property Taxes Included in Mortgage Payments?
**No, property taxes are not typically included in mortgage payments.** When you make a mortgage payment, you are only paying the principal and interest on the loan. Property taxes are a separate expense that you need to pay directly to the local government.
### How to Pay Property Taxes
Property taxes are typically due twice a year, in June and December. You can pay your property taxes online, by mail, or in person at the local tax collector’s office.
If you have a mortgage, your lender may offer to pay your property taxes for you. This is known as an **escrow account**. When you have an escrow account, your lender will collect a portion of your monthly mortgage payment to pay your property taxes. This can be a convenient way to ensure that your property taxes are paid on time, but it is important to make sure that you are aware of the fees associated with escrow accounts.
### What Happens if You Don’t Pay Your Property Taxes?
If you don’t pay your property taxes, you may be subject to penalties and interest charges. In some cases, the government may even foreclose on your property.
### Tips for Saving Money on Property Taxes
There are a few things you can do to save money on property taxes:
* Appeal your property assessment. If you think your property is assessed at too high a value, you can appeal the assessment to the local tax assessor.
* Apply for property tax exemptions. There are a number of property tax exemptions available, including exemptions for seniors, veterans, and disabled people.
* Shop around for insurance. The amount of property tax you owe is based on the value of your home, so it’s important to shop around for insurance to get the best possible rate.
### Conclusion
Property taxes and mortgage payments are two important expenses that homeowners need to factor into their budgets. By understanding the difference between these two expenses, you can make sure that you are prepared to meet your financial obligations.