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How do property taxes affect my monthly mortgage payment?

By Bob Millaway, South Jersey Community Expert & REALTOR®

Most lenders collect property taxes as part of your monthly mortgage payment through an escrow account. They hold the funds and pay your taxes when due. Your monthly payment includes principal, interest, taxes, and insurance (PITI). When taxes increase, your monthly payment increases too.

Why It Matters

Property tax increases directly impact your monthly housing cost. Budgeting for potential increases helps avoid payment shock when your escrow is adjusted.

Related Questions

How are property taxes calculated in New Jersey? How do I appeal my property tax assessment? What is the NJ annual property tax deduction? What is a tax assessment and how often is it done? How are New Jersey property taxes compared to other states?

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