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What happens if my property tax account cannot cover my tax bill?
Sometimes payments are due in the early months of your mortgage, or you are notified of an increase to the amount of property taxes due before you’ve had time to accumulate enough in your tax account to cover the payment. If this happens, to ensure your tax bill is paid in full and on time, we lend you the difference at your current mortgage interest rate as outlined in your Mortgage Loan Agreement. We call this difference a shortage (deficit) in your property tax account. To make up the shortage, we use a catch-up period, during which we adjust your property tax payments to cover future tax payments and repay the shortage including interest owing. This catch-up period may last up to 2 years.
Click Here’s what you need to know about TD paying your property taxes to learn more about your Property Tax Account
For further assistance, please contact our Mortgage Specialists at 1-866-222-3456 (option '2') or visit your TD Canada Trust Branch. Mortgage Specialists are available Monday to Friday 8 AM to 10 PM, Saturday & Sunday 10 AM to 6 PM (Eastern Standard time).
Please note that the answers to the questions are for information purposes only for the products discussed. Individual circumstances may vary. In case of discrepancy, the documentation prevails.