Escrow & Title
In Kansas, property taxes are paid:
AMonthly with the mortgage payment only
BIn two installments: December 20 and May 10 of the following year✓ Correct
CAnnually by December 31
DQuarterly each year
Explanation
Kansas property taxes are paid in two installments: the first half is due December 20, and the second half is due May 10 of the following year.
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Key Terms to Know
Discount Points
Prepaid interest paid to a lender at closing to reduce the mortgage interest rate, with each point equal to 1% of the loan amount.
Private Mortgage Insurance (PMI)Insurance required by lenders on conventional loans with less than 20% down payment, protecting the lender — not the borrower — against default.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
EasementA non-possessory right to use another person's land for a specific purpose.
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