"Sonny helped facilitate the home loan process very quickly and provided various options and estimates for multiple possible potential home purchases. I don't think you could ask for a better loan officer than Sonny!"
ethan wong
Welcome to the Wild World of Supplemental Taxes. What are they and how do they work?
⚡️ Property Owners, brace yourselves! ⚡️
It's that time of the year again when you open that dreaded envelope from the tax man and feel that gut punch.
Supplemental property taxes can be a real surprise for new homeowners, so let's break it down.
➡️➡️Supplemental taxes are the difference in your property's assessed value when you take ownership from the previous owner.
It usually arrives within the first year, operating on a fiscal calendar from July 1st to June 30th.
Here's the twist - you might face not one, but TWO supplemental tax bills if your deal closed between January and May.
Important things to remember:
✅ It's not your lender's doing, and it's not factored into your impound account.
✅The good news? It's a one-time deal.
✅Counties might take their sweet time getting your home taxes sorted, and your lender can only pay what they receive. So that refund or overage check? Don't spend it just yet!
Because when the county finally assesses your home accurately, your lender might come knocking, claiming a shortage in your escrow account.
➡️➡️Visit my site for more Educational Content : https://loanswithsonny.com/
Sonny Nguyen
Originating Branch Manager
NMLS # 264031
D 209.595.9859
F 209.796.2081
W homeloanswithsonny.com
E sonny.nguyen@ccm.com
It's that time of the year again when you open that dreaded envelope from the tax man and feel that gut punch.
Supplemental property taxes can be a real surprise for new homeowners, so let's break it down.
➡️➡️Supplemental taxes are the difference in your property's assessed value when you take ownership from the previous owner.
It usually arrives within the first year, operating on a fiscal calendar from July 1st to June 30th.
Here's the twist - you might face not one, but TWO supplemental tax bills if your deal closed between January and May.
Important things to remember:
✅ It's not your lender's doing, and it's not factored into your impound account.
✅The good news? It's a one-time deal.
✅Counties might take their sweet time getting your home taxes sorted, and your lender can only pay what they receive. So that refund or overage check? Don't spend it just yet!
Because when the county finally assesses your home accurately, your lender might come knocking, claiming a shortage in your escrow account.
➡️➡️Visit my site for more Educational Content : https://loanswithsonny.com/
Sonny Nguyen
Originating Branch Manager
NMLS # 264031
D 209.595.9859
F 209.796.2081
W homeloanswithsonny.com
E sonny.nguyen@ccm.com