It’s that time of year!
If you have your mortgage with PWSB, you may have chosen to escrow money for your property taxes. That is, you’re allowing us to set aside some of your dollars for taxes each year.
It is important to note that this year, PWSB will be disbursing the amount of the current year tax bill. If you recently refinanced or purchased a home with us, you made a choice to either have us send your funds directly to the municipality, or have a check made out to the municipality mailed to your home.
Inserted with the tax escrow checks that are being mailed directly to borrowers, will be a Tax Escrow Option Form. This form will allow you to update your tax escrow disbursement option in 2021 and beyond.
PWSB works with a third party vendor to obtain the current year tax bill. All tax escrow checks are anticipated to be ready for mailing Friday, December 18.
Frequently Asked Questions (FAQs)
Q1: How can I confirm that my taxes have been paid?
A1: You can confirm that your tax bill has been received and paid by visiting your county or municipality website.
Q2: I can’t remember which escrow option I chose, how can I confirm that?
A2: To confirm if we’re paying the municipality directly or sending the check to you, contact your personal banker or call any branch (phone numbers are available on our locations page).
Q3: I’d like you to mail my check direct to the municipality. How can I arrange for that?
A3: While no changes are available for the 2020 tax year, borrowers who have been mailed their tax escrow check will also receive a Tax Escrow Option Form. You can use this form to alert us that you’d like to update your disbursement option in 2021 and beyond.
Q4: When will I know how much I paid in mortgage interest this year?
A4: The 1098 form which is your mortgage interest form for tax purposes will be mailed in mid-January. If you do not receive them by January 31, you could always contact your personal banker or use our contact us form to alert us.