Between holiday preparations and family plans, November is the ideal moment to conduct a quick 15-minute review of your real estate finances. Proactively staying on top of property records keeps money in your pocket and prepares you for tax season.
- Review Your County Assessment and Tax Bill: Real estate property tax bills arrive in mailboxes across St. Charles and surrounding counties in November. Verify that your parcel data, address, and property details are accurate, and note the payment deadline (typically December 31) to prevent late penalties.
- Check Your Mortgage Escrow Analysis: If your lender pays your taxes and homeowner's insurance via an escrow account, examine your recent escrow statement. Shifts in county tax rates or insurance premiums often create escrow shortages or surpluses that alter your monthly mortgage payment going into the new year.
- Evaluate Built-Up Equity: Home values in our region have experienced significant appreciation over the last several years. If you put down less than 20% when purchasing your home, check your current loan-to-value ratio—your increased equity may allow you to request removal of costly Private Mortgage Insurance (PMI).
- Organize Capital Improvement Receipts: If you completed substantial repairs or remodeling projects this year (new HVAC, roof, windows, basement finish, deck), store your receipts and contractor invoices together. These records help establish an adjusted tax basis if you sell down the road and verify warranty coverage for your household.
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