Mortgage Loan Servicing FAQs - Property Tax
- What should I do when I get an assessment notice from the Assessor's office?
- What should I do when I receive my property tax bill?
- What if I get a separate tax bill for my mobile home and one for the land?
- What should I do with the occupancy tax bill that I receive and how is it different from the other tax bill that I received? (Idaho residents only)
- What should I do if I get a delinquent tax bill?
- What should I do if I protested my value with the assessor and taxes have already been paid out of my escrow account? (New Mexico residents only)
- How do I find out why my property taxes increased?
- If I subdivide my land into several parcels, do I need to notify Charter Bank?
- If
I elected to have my taxes paid annually and want to change to semi-annual, can
I? (New Mexico residents only)
What should I do when I get an assessment notice from the
Assessor's office?
Assessment notices are sent out once a year to
the owner of the property. (If the assessment notice did not come in your name,
you need to contact the assessor's office to find out what they need from you
in order to change the name.) This is not a tax bill. This notice will give you
the value that the assessor has given your property.
This value is what your property tax amount will be based on. You need to review the notice to make sure that you have been given all the exemptions you qualify for and that you agree with the value they have placed on your property. Please contact your local tax assessor to see what exemptions you may be entitled to. Please read the notice carefully, as it will state how many days you have to file for your exemptions and/or protest the value if you do not agree.
Charter Bank cannot make any changes to your assessed value.
You need to keep this notice for your
records. Charter Bank does not need a copy of this notice. If you have any
questions about your assessment notice, please contact the county assessor's
office.
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What should I do when I receive my property tax bill?
Charter Bank will obtain the information needed to pay your
property taxes. Keep the tax bill for your information.
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What if I get a separate tax
bill for my mobile home and one for the land?
Charter Bank is not
provided the mobile home tax bill. You need to send a copy of the mobile home
tax bill to:
| Charter Bank Attention: Tax Department P.O. Box 11519 Albuquerque, NM 87192-0519 |
Or if you prefer, you can fax the bill to:
| Charter Bank Attention: Tax Department 505-296-7998 |
Please write your loan number on the
mobile home tax bill. We need the mobile home bill in our office at least 5
days prior to the delinquent due date. Delay in sending this bill may result in
penalties from the tax authority for which you will be charged.
We do
not need a copy of the tax bill for the land.
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What should I do with the
occupancy tax bill that I receive and how is it different from the other tax
bill that I received? (Idaho residents only)
If your home was
newly constructed during the year, you will receive two different tax bills the
first year that you occupy the property.
One tax bill is for the land only. Charter Bank will obtain the information needed to pay your land property taxes. Keep the tax bill for your information.
The other tax bill you will receive is the Occupancy Tax Bill. This bill is a tax from the time you occupied the property to the end of the calendar year. This is a one-time bill. The next year your taxes will be combined into one tax bill. Charter Bank is not provided a copy of the occupancy tax bill. You will need to send a copy of the occupancy bill to:
| Charter Bank Attention: Tax Department P.O. Box 11519 Albuquerque, NM 87192-0519 |
Or if you prefer, you can fax the bill to:
| Charter Bank Attention: Tax Department 505-296-7998 |
Please write your loan number on the tax
bill. We need the occupancy tax bill in our office at least 5 days prior to the
delinquent due date. Delay in sending this bill may result in penalties from
the tax authority for which you will be charged.
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What should I do if I get a
delinquent tax bill?
Please fax a copy of the notice to:
| Charter Bank Attention: Tax Department 505-296-7998 |
Or mail to:
| Charter Bank Attention: Tax Department P.O. Box 11519 Albuquerque, NM 87192-0519 |
Please write your loan number and your
phone number on the tax bill. We will pay the full tax amount from your escrow
account and reimburse that account for any penalty and interest that was
assessed. Under certain circumstances you as the property owner maybe liable
for the penalty and interest. In this case, your account will not be
reimbursed.
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What should I do if I protested my value with the assessor
and taxes have already been paid out of my escrow account? (New Mexico
residents only)
If the assessor agrees to adjust your value, they
will issue a letter showing the adjusted tax amount. You need not do anything.
If we have already paid the full year tax, the treasurer will refund the
difference back to Charter Bank and we will apply the refund back to your
escrow account and update our tax information to reflect the adjusted tax
amount. If we have paid the first half, the treasurer will bill us for the
adjusted difference for the second half.
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How do I find out why my property taxes
increased?
Your local taxing authority determines the property
tax amounts. You will need to contact your local taxing authority with any
questions about your tax bill.
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If I subdivide my land into several parcels, do
I need to notify Charter Bank?
If you had your property
subdivided into different parcels after you closed on your loan, it is your
responsibility to notify Charter Bank about the subdivision and to provide us
with the new parcel numbers. Failure to notify Charter Bank of the subdivision
could result in tax payments being missed. If this happens because you failed
to notify Charter Bank, you will be responsible for any penalty and interest
that is assessed.
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If I elected to have my taxes paid annually and want to change
to semi-annual, can I? (New Mexico residents only)
Yes. You need
to send a written request indicating that you want Charter Bank to change the
tax payment frequency to semi-annual. This request must to be in our office by
October 1 in order to be effective with the upcoming tax cycle. Please send
your request to:
| Charter Bank Attention: Tax Department P.O. Box 11519 Albuquerque, NM 87192-0519 |
Or if you
prefer, you can fax your request to:
| Charter Bank Attention: Tax Department 505-296-7998 |
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The information contained in this FAQ is intended only as a guideline. Please
contact us if you need more
information relating to your mortgage loan.
