Question by : I live in Wisconsin and am refinancing my mortgage…?
The closing will be in November and my property tax bill comes in December/January. Will my taxes for this year be worked into this refinance or will I still need to pay them?
Best answer:
Answer by Bill
They should be included in the closing cost you have to pay.
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If your mortgage payment has included escrow for taxes and insurance, then it will be adjusted at closing. They may prorate taxes for the months that are not included on the tax bill. They may also want you to put on deposit 4 months of anticipated taxes/insurance for the year 2012.
In my city, the taxes are on a calendar year, but some entities have taxes begin and end on their fiscal year.
If your re-fi is with your current lender, they will just move the escrow from the old mortgage to the new one.