How to get tax information from your lender

How are my taxes paid through my mortgage?

With each mortgage payment, your mortgage provider is taking an additional amount to cover property taxes. They calculate the amount they take per mortgage payment by estimating your annual property tax amount and dividing it by the number of mortgage payments you have in a year. They then hold the taxes you’ve paid in escrow until they are due. Be aware that they typically overestimate the amount they need to collect, but they will refund the excess funds to you when you sell the property or refinance.

How do I determine how much property tax I have paid?

The best way is to contact your mortgage provider for the exact amount. If you would prefer to calculate it yourself, your mortgage statements will outline the breakdown of how much of your payment is going towards your mortgage and how much is going towards tax. You can then tally the total tax paid based on how many mortgage payments you have made in the year. This leaves room for error, which is why we recommend contacting your mortgage provider directly.