Property tax

Cities, counties, and other local governments tax the property, not the mortgage contract. Many borrowers pay those bills through escrow so the servicer can send the tax payment on time. A tax assessment and a tax appraisal are related local processes. They are not this consumer heading.

Consumer glossaries describe property taxes as local taxes on the home, often escrowed. USDA mentions of real-estate taxes are program context.

Escrow analyses and monthly-payment changes frequently come from tax bills, not from the note rate.

• Escrow account
• Homeowners insurance