mortgage tax is the same as property tax but mortgage tax is pay to the bank because you borrow the mortgage loan?
There is mortgage interest not mortgage tax. That is paid to the loan company. Property tax is paid to the county.
What is the difference between mortgage tax and property tax?
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Some people prefer to have their mortgage company handle the real estate tax for them. The tax is paid on a monthly basis into an **escrow** account; an account the mortgage company holds the RE Tax until it is time to disburse it to the taxing authority.
But it is still the same tax.
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There is mortgage interest not mortgage tax. That is paid to the loan company. Property tax is paid to the county.
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Could you really mean mortgage interest $ amounts and you are just trying to change the name of what it really is at this time in your life when you want to call it a mortgage tax.
Amounts that you pay to the lender for the use of the money that you have borrowed to buy your home with for the income tax purposes.
Property tax amounts that are assessed on the assessed value of the property that you own in a local area and you as the legal owner of the property would be reguired to pay when the amounts are due each year to the local taxing authority in the are that property would be located.
And on the schedule A itemized deduction when you do qualify to use and the amounts as a deduction they would each be entered on the separate line that would be designated for that purpose on the schedule A.
Hope that you find the above enclosed information useful. 10/01/2011
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I am unaware of any mortgage ‘tax’,
your mortgage payment should include your stated mortgage payment plus some insurance required for the mortgage, and your choice of property tax and other insurance if you so choose to have those included in your mortgage payment
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Mortgage tax? Doesn’t exist. Are you talking about the part of your mortgage payment that is put into an escrow account by your lender for tax? That’s used by the lender to pay your property tax.
My house has been paid off for many years, so I don’t have a lender or an escrow account. Twice a year I write a check for my property tax.
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Mortgage tax is the same as property tax but mortgage tax is pay to the bank because you borrow the mortgage loan. Property taxes paid through a lender impound account (escrow account) as opposed to paying them directly to the county.
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http://mortgageamigo.com/