Are property taxes included in my monthly payment?

Question

Accepted Answer

No. Your monthly payment covers only the financed balance and its fixed 10% interest, as written in the Promissory Note you sign at closing. Property taxes are separate: you pay them directly to the county from the first year, like any other landowner in Texas, and the county sends you the bill each year based on the value it assigns to the tract. There is no escrow account and no tax collection through TerraFunded, so plan for the county bill on top of your monthly payment. For the year you buy, the taxes are prorated at closing, so you only cover the part from closing day onward.