For Wisconsin home loans, it’s that time of the year again when your lender will disburse your property tax payment from your escrow account. This typically happens in early to mid December. If you want to use the payment of your property taxes on this years income taxes, make sure your pay your taxes by December 31st.
If your mortgage payment included your property taxes,your lender will be writing a check to either your municipality or you and the municipality. When you closed on your current mortgage loan, you were given the choice whether or not you wanted the check sent to you or directly to your municipality. If you are not sure which option you chose, it’s best to call your lender and look into this. The lender can change where the property tax payment is sent at anytime.
If you not are able to pay your property tax bill by the end of this year, don’t worry, you won’t lose out on the tax benefit. Any amount that wasn’t paid this year, can be added to the following years taxes.
(side note: I’m not a licensed CPA, please verify all tax deductions with your tax preparer)
Once your property taxes are paid, it will be much easier to refinance your Wisconsin home loan. The lenders will require a less amount up front for your property tax escrow account.
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