Do I Have to Pay This Property Tax Bill?
It’s property tax time in Tennessee! So you’ve probably received a big bill in the mail with your annual property tax amount. Maybe you’re panicking thinking “Oh my goodness! Do I have to pay this?!?”
The short answer? NO - IF you have a mortgage.
As part of a home loan, a bank requires property owners to pay property taxes and have homeowner’s insurance. They don’t want any other claims against your home so they can keep collecting their interest! So, in order to make sure you pay for these the bank includes it as part of your monthly mortgage payment. The money for your property taxes and insurance are placed into what’s called an escrow account. From this account, your property tax bill gets paid in full each year. But you get the benefit of paying it in smaller, monthly increments all year.
So what if you don’t have a mortgage?
Then YES - that annual property tax bill you got in the mail needs to be paid. Without a mortgage, there is no escrow account so the responsibility is all yours.
To check your property tax in Davidson County, you can look up your tax bill online. If you didn’t receive a property tax bill for a piece of property you own, you might need to update your mailing address - you can also do this on the Property Assessor’s office website.