Property Tax Service
Eclipse Mortgages administers your property tax payments on your behalf.
We manage your tax planning for you
Eclipse collects a set amount with each of your regular mortgage payments, so you don’t need to make a large, lump sum payment at any point.
Your property taxes will be paid on time, every time, so you can strike it off your to-do list.
The Eclipse Property Tax Service is a benefit provided to all Eclipse homeowners.
How the Property Tax Service works:
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1
We take a portion of your taxes every payment
This coincides with your regular mortgage payment, so there is just one withdrawal. -
2
The money is saved until it’s needed
Eclipse places the funds in a Property Tax Savings Account until your tax payment is due. -
3
Forward your first tax bill to us
Send your first property tax bill to Eclipse once you receive it. -
4
Eclipse will take care of it going forward
After we pay your first bill, the municipality knows that Eclipse will be paying the taxes on your behalf going forward.
Common Questions About Our Property Tax Service
The funds we collect from you to pay your annual property taxes are placed in a Property Tax Savings Account until your payment is due. Regardless of the balance in your account, we make sure that your tax bill is paid on time and in full. This means that at some point during the year your account may have a surplus and at other times a shortfall. Once we make your final tax payment, your loan will go through an automatic adjustment process to ensure we are collecting enough to pay your taxes for the next year.
You can make a lump sum payment into your Property Tax Savings Account any time after funding. Once the additional funds have been deposited into your Property Tax Savings Account, an adjustment can then be made to the tax portion being collected with your mortgage payment.
A shortfall in your Account happens if there is not enough money in the Account when property taxes are paid. This may happen if your property tax rate went up or the estimated property tax amount was less than actual.
- You are charged an interest rate equivalent to your mortgage rate
- We take the outstanding amount into account when calculating your new tax portion for the upcoming tax year
- You can reimburse Eclipse for taxes paid on your behalf by making a lump sum payment into the Account, or a series of payments over time
After paying the final tax instalment of the year, Eclipse will conduct a review to ensure we are collecting the correct amount. We will also send you a Property Tax Statement, which will show:
- The status of your Property Tax Savings Account
- Any changes to the tax portion
- How we calculated the tax portion
- When any changes will take effect
At the end of the tax year, any tax adjustments will take into consideration possible increases in taxes.
