Property Tax Accounts

Currently, property tax accounts are linked to your mortgage and are not viewable on statements or through digital banking.  This makes it difficult for you to determine how much has been saved towards the payment of property taxes and whether you have sufficient funds to cover your property tax bill each year.

The new Property Tax Account will improve your ability to see how much you have saved towards your annual property tax bill.  Contributions to this account will be made based upon the same frequency of your weekly, biweekly, or monthly mortgage payments.  On an annual basis, your property taxes will continue to be paid to your municipality on your behalf by our staff.

Why are we making this change?

We are making this change to ensure that funds contributed to pay your annual property tax bill can be easily tracked throughout the year and you will be able to find your current balance at any time through digital banking.  This account will also be available on your regular monthly statement.

How does this impact my current mortgage payments?

Currently, your property tax contributions are rolled into your regularly scheduled mortgage payment.  With this change, property tax contributions will be separated from your mortgage payment and deposited directly to the new property tax account.  Your current mortgage payment frequency will stay the same (weekly, biweekly, or monthly).

Can I make additional contributions?

Yes, you will be able to make additional contributions to this account through the app or digital banking.  You may also contact one of our branches to increase your regularly scheduled contribution.

Please note that you will not be able to withdraw funds from this account. 

What are the service charges associated with this account?

A property tax administration fee of $75.00 will be applied to the property tax account in June each year.

Annual Property Tax Contribution – Calculation and Notice

Annually, you will receive a Property Tax Contribution Notice, clearly outlining:

• The amount paid to your municipality for the current property tax year
  
  
• Excess funds or shortfall of funds after your current property taxes are paid
  
  
• The estimated property tax payment that will be required for next year’s property taxes based on a straightforward calculation (including excess funds/shortfall of funds from this year)
  
  
• The change in your regularly scheduled contribution to your property tax savings account in anticipation of next year’s estimated property tax payment

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