Tagged: Property Taxes
January 22, 2021 at 2:30 pm #73855mrstaylorMember
Hello! I closed last month on a new build and in order to not further delay closing (and at the advice of my counselor) I had to sign knowing that the taxes on the property were grossly over estimated. They estimated around $350 a month where the comps in the area pay around $800/year. I called the county assessor and the taxes on this property won’t be assessed until Sept 2022. They will be using the vacant land tax amount for 2021. Who do I contact to get the monthly payment corrected?March 23, 2021 at 5:09 pm #74755TTrumbleMember
The problem will actually fix itself eventually. Each year when property taxes are assessed, the bank reviews how much of your monthly payment is going toward property taxes and makes any adjustment needed, then refunds any overage to you, or if it is a small amount, simply credits it toward the new tax rate.
However, in such an extreme situation as yours, it would be well worth it to contact the escrow department at the bank to seek an adjustment. It may not be possible though until the new property tax assessment occurs however. you’ll simply have to call the bank and find out.
I suspect something got miscommunicated between you and the county assessor’s office. Property taxes are assessed annually, and in some rare cases semi-annually, but I have never heard of biennial assessments, which would have to be the case if the next one were in late 2022. Did the person perhaps mistakenly say “next year” when they should have said “this year”? I would double-check with the assessor’s office. Worst case scenario is that you will have to keep making your current payment for a while longer, then will receive a very nice windfall when the adjustment is made and the refund is issued.
Online Operations, NACAMarch 23, 2021 at 5:18 pm #74763mrstaylorMember
I contacted the escrow department and requested an analysis in January. It took quite some time and a lot of follow up but finally they corrected. The monthly payment went from $1314 to the nice and super low $935.50 that we expected/budgeted for.
I did have to make the higher payment for Feb and March but April will reflect the correction.
Thank you!!April 14, 2021 at 10:30 am #75062TTrumbleMember
Well done! Bravo!
Online Operations, NACAJuly 12, 2021 at 9:19 am #75970HalokodaParticipant
What if the home I am looking at has been used as a rental. Their previous years taxes on the tax site have been about 2800. I would receive a discount because it would be my primary residence. I spoke with my mortgage counselor and he said they use what the attorney gives them so I called the attorney and asked them. She said they will use the lower amount but it depends on what BoA decides to use. They said BoA will get their tax amount which will be lower and also the tax amount on the appraisal which will probably be the higher. How do we know which amount BoA will use? This is a make or break situation and I don’t want to put in my offer if BoA uses the incorrect amount and then lose my earnest money.July 19, 2021 at 6:21 am #76033nikolaswellsParticipant
helloJuly 19, 2021 at 7:28 am #76034jasonclarkParticipant
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