Real Estate

Taxes with mortgage payment

  • Last Updated:
  • Dec 20th, 2020 8:56 pm
[OP]
Deal Addict
Nov 2, 2011
2702 posts
1274 upvotes

Taxes with mortgage payment

How does the bank know how much to actually deduct from you each month?
Do they basically just find out what the taxes were for the previous year and add a bit extra to that?
Does the bank take your roll number and just send the city a payment each month?

I previously paid my property taxes on my own when I had a condo, but now that I bought a house, I had them included in my monthly mortgage payment. Wondering if maybe I should just cancel that and do pre-auth with the city myself
Last edited by zzzz24 on Dec 21st, 2020 1:33 pm, edited 3 times in total.
1 reply
Member
Dec 23, 2012
371 posts
402 upvotes
RICHMOND HILL
I have a mortgage with scotia in TO, they update the amount every year based on what the city tells them (I assume).

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