Can someone explain to me the details on mynassauproperty?

The details of the assessments were final as of 4/1. Our assessed value has dropped a lot which is fine. I remember last year this had happened and I called our mortgage company to have them reevaluate/analyze the details earlier than they normally do and it dropped our monthly payment. With the new assessment final I should be able to do this again, right? Please tell me yes because I want a lower payment

Re: Can someone explain to me the details on mynassauproperty?

Posted by Cheeks24

The details of the assessments were final as of 4/1. Our assessed value has dropped a lot which is fine. I remember last year this had happened and I called our mortgage company to have them reevaluate/analyze the details earlier than they normally do and it dropped our monthly payment. With the new assessment final I should be able to do this again, right? Please tell me yes because I want a lower payment

Re: Can someone explain to me the details on mynassauproperty?

Since my taxes went down the money the bank collects from us for the taxes was less which lowered our payment to them.

Re: Can someone explain to me the details on mynassauproperty?

The answer is yes and no.

Unfortunately, just because your assessment dropped, it doesn't mean your taxes will be lower. Tax rates rise each year. Your taxes = assessment X tax rate.

Your bank may not adjust your escrow payment until the tax rates for the new year are out in order to avoid a shortage in the escrow account. The 2012/13 tax rates (which is the assessment roll that just finalized on 4/1) are not yet available. The 2012/13 School rate comes out 10/1/12 and the general rate comes out on 1/1/13.

HTH.

Re: Can someone explain to me the details on mynassauproperty?

Thank you!