What Westchester Homeowners Should Know Before Tomorrow’s New Castle Deadline
For many homeowners in Chappaqua and across Westchester County, property taxes are one of the largest recurring expenses of homeownership. And right now, they’re front-of-mind — half of the Town of New Castle’s school taxes are due tomorrow, September 30. Whether you pay through a mortgage escrow account or handle your Chappaqua property taxes directly, each approach has its own benefits and trade-offs.
What Is a Tax Escrow Account?
If you have a mortgage, your lender may offer or require an escrow account. Each month, a portion of your payment goes toward property taxes (and often homeowners insurance). Your lender then pays those bills when they’re due.
Escrow simplifies the process — you don’t have to remember due dates or worry about missing a payment — but it also means you’re prepaying your taxes gradually throughout the year, with the lender holding those funds in between.
Pros of Using an Escrow Account
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Convenience and peace of mind: The lender handles the logistics. You won’t risk late fees or penalties from the Town of New Castle or the school district.
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Predictable budgeting: Escrow spreads your Chappaqua property taxes across 12 monthly payments, smoothing out large semiannual bills.
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Mortgage compliance: Many lenders require escrow for borrowers with lower down payments or certain loan types.
Cons of Using an Escrow Account
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Loss of control: You don’t directly manage when or how your property taxes are paid.
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Over- or under-estimation: If tax rates or assessments change, your monthly payment can increase mid-year after an escrow “true-up.”
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No interest earned: The lender, not you, holds your funds — meaning you lose potential interest or investment earnings on that money.
Paying Taxes on Your Own
If your lender allows it, you can opt to pay your Chappaqua property taxes directly to the Town of New Castle. This approach provides more control but also more responsibility.
Pros
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Full visibility: You know exactly when payments are made and for how much.
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Potential to earn interest: You can keep funds in your own high-yield account until payment is due.
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Flexibility: You can plan around cash flow, bonuses, or investment timing.
Cons
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Discipline required: You must track tax deadlines and set aside funds — tomorrow’s September 30 due datebeing a prime example.
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Risk of missed payments: Forgetting or delaying payment can lead to steep penalties or liens.
Which Option Is Best for You?
If you value simplicity and automatic payments, an escrow account is often the safer route. But if you’re financially organized and want maximum flexibility, paying taxes directly can make sense — especially if you prefer to manage your own cash flow.
Either way, homeowners in Chappaqua, Millwood, and throughout the Town of New Castle should take note: half of the 2025-2026 school tax bill is due tomorrow, September 30. Don’t wait until the last minute to confirm your payment method or ensure your escrow has remitted on time.
NestEdge Realty helps homeowners navigate every detail of Westchester homeownership, from understanding local markets to managing expenses like Chappaqua property taxes. For personalized real estate advice or a complimentary home valuation, visit NestEdgeRealty.com.
