It’s that time of year again – the time of year that we begin thinking about real estate taxes. At American Bank, we disburse funds from our mortgage loan escrow accounts around the middle of December. We make the checks payable to the municipality and then mail them to our customers. The customers can then make the decision as to when they want to pay their real estate taxes. Some will choose to pay their taxes by the end of December; others will choose to hold off until sometime in January, since the real estate tax deadline is January 31st. Whatever time frame is chosen, the check should be sent to the municipality, along with the tax bill for the property. If the check is less than the tax bill, the customer is responsible for making up the difference. If the check is for more than the tax bill, go ahead and send it in – the municipality will refund any overage.
Local servicing of your funds makes it easy for our customers to call or stop in to ask any questions about their tax check, give us a copy of the receipt of the paid taxes, or re-deposit any extra funds into their escrow account, if desired.