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Mrs213
????????
Member since 2/09 18986 total posts
Name:
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Property Tax Question
I am not sure what to do
I just got my tax bill from the town. It doesn't match my escrow statement.
The next payment that is due in May 2011, the bank is estimating to be about 1900 more than what we have to pay. What should I be doing contacting the bank?
What happens if they overpay the taxes?
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Posted 1/30/11 1:20 PM  |
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Prudential Douglas Elliman Real Estate
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-Lisa-
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Member since 5/05 6530 total posts
Name:
Lisa
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Re: Property Tax Question
they won't overpay the taxes. If your taxes are paid from escrow, the lender should receive a copy of the bill also.
They re-evaluate your escrow payment each year, so if you wind up with a surplus in your escrow acct, the lender will refund you.
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| Posted 1/30/11 1:31 PM |
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MaZz
* Lovin my baby girl!!! *
Member since 2/09 6243 total posts
Name:
Gina
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Re: Property Tax Question
They will revealuate you again later down the road and if you're paying too much now, they will send you a check back for the surplus... happened to us this yr
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| Posted 1/30/11 3:54 PM |
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Karen
Just chillin'!!
Member since 1/06 9690 total posts
Name:
Karen
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Re: Property Tax Question
I believe that your tax bill and escrow account will never match 100% as the bank has no idea what the increase will be from year to year and just estimates it.
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| Posted 1/30/11 4:26 PM |
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Mommy2Boys
My Boys!!!!
Member since 6/06 14437 total posts
Name:
C
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Re: Property Tax Question
Posted by Karen
I believe that your tax bill and escrow account will never match 100% as the bank has no idea what the increase will be from year to year and just estimates it.
Exactly. And if you get a check back for a surplus I would hold on to it because most of the time they will come back looking for it down the road.
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| Posted 1/30/11 6:28 PM |
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ChrisDee
My Girls
Member since 11/06 9543 total posts
Name:
Christine
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Re: Property Tax Question
The bank will always hold extra $ in escrow, to account for tax increases. The last time that my taxes went up $500, they wanted to hold double so it was $1,000 . It stinks but that is what happens when you pay your taxes through your mortgage.
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| Posted 1/30/11 9:40 PM |
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Mill188
LIF Adult
Member since 3/09 3073 total posts
Name:
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Re: Property Tax Question
You will receive an escrow analysis from the mortgage company every year around the anniversary of your closing date. If you SEVERELY overpay your escrow, you will receive a refund. If it's just a marginal overpay, they will continue to escrow. It's an estimate - you're never going to have your escrow match the amount of your property taxes exactly. Also, you have to take into account your homeowners insurance which is also usually paid out of your escrow.
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| Posted 1/31/11 10:39 AM |
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