How do property taxes affect your monthly mortgage payment? Property taxes are assessed on an annual basis and are paid twice a year here in Arizona. This means your property tax amount will be divided into 12 equal sums—one for each month—and these sums are added to an escrow account with your mortgage holder, who then pays the taxes on your behalf when they’re due.
If your taxes are $2,400 per year, for example, $200 would be added to your account each month. Although our market has appreciated significantly over the last decade, our property tax rates haven’t increased at the same rate. This is good news because it means we still have good affordability on a monthly basis compared to our neighboring states.
If you have any other questions about property taxes or any other real estate needs I can take care of, don’t hesitate to reach out to me. I’d love to help you.
