me_irl

I'm speaking from an American perspective, but usually, when you have a loan, the loan requires that your property tax be paid and that you keep house home insurance on the property. And so to prevent difficulties, what they'll do is the mortgage company will bundle your choice of home insurance and the payments for your property tax into an escrow account.

If your property taxes rise, then the mortgage company will tell you, hey, you either have to pay a lump sum to keep it at the same amount, or you have to start paying more every month.

And since property taxes are a fairly set value, it honestly doesn't matter whether you pay them over each month or all as a lump sum, you're going to be paying the exact same amount because that's the amount of money that has been charged to you for owning the property.

You typically escrow your property tax payments based on an estimate from your mortgage lender.

So, if you were paying $1200 in taxes last year and $1320 this year, the extra $120/year (aka $10/mo) would get tacked onto whatever you're paying the mortgage lender.