Property Taxes

[Dinny]

Mine went up alot this year. My mortgage company notified me that my escrow didn't cover them and our monthly payment is increasing $450/month to pay the balance and (hopefully) cover them next year.

I'm a 100% service-connected disabled veteran. Does anyone know if I have to file my property tax exemption annually or if it's a case of one and done?

2 years ago, when I submitted VA documentation, my property tax obligation was lowered significantly and I'm curious why it's so much more this year. My tax assessed value increased but only $5K so I didn't appeal it.

Something seems amiss. Honk for Joey!

 

[Sdiersing]

From my understanding you should only have to file the exemption once, unless you refinance or have some kind of change. My escrow has increased twice in the last three years, but 450/month seems excessive and something may not be right!

 

[Dinny]

No changes other than tax value increasing 5K. Seems a phone call to the county treasurer or assessor is in order.

 

[BigRed]

Mine went up alot this year. My mortgage company notified me that my escrow didn't cover them and our monthly payment is increasing $450/month to pay the balance and (hopefully) cover them next year.

I'm a 100% service-connected disabled veteran. Does anyone know if I have to file my property tax exemption annually or if it's a case of one and done?

2 years ago, when I submitted VA documentation, my property tax obligation was lowered significantly and I'm curious why it's so much more this year. My tax assessed value increased but only $5K so I didn't appeal it.

Something seems amiss. Honk for Joey!

It is not an annual filing.

You may want to pull your property tax card or contact your township assessor to confirm it did not change in some error. 450/mo seems very unusual with such a small change in assessed value.

 

[dieselrealtor]

Good evening Dinny.

My experience with those working escrow accounts at the bank is they never get them right. Where your escrow account may be, is a deficiency (negative balance) in the escrow acct. They have to collect extra to cover the deficiency AND enough to cover the next tax bill, it should go back down a bit after the escrow account has a positive balance. I have elected to not have escrows in my payments because of issues like this, for some mortgages that is not an option.

Unless there is a change to your deed (refinancing, etc) you should not have to re-file your exemptions.

You may want to file an appeal on the current valuation if it seems a bit high, won't help this year but if approved next year it will make a difference.

 

[WebSnyper]

Mine went up alot this year. My mortgage company notified me that my escrow didn't cover them and our monthly payment is increasing $450/month to pay the balance and (hopefully) cover them next year.

I'm a 100% service-connected disabled veteran. Does anyone know if I have to file my property tax exemption annually or if it's a case of one and done?

2 years ago, when I submitted VA documentation, my property tax obligation was lowered significantly and I'm curious why it's so much more this year. My tax assessed value increased but only $5K so I didn't appeal it.

Something seems amiss. Honk for Joey!

Was this a fairly new build?

 

[Dinny]

Was this a fairly new build?

32 years old.

 

[radar8756]

Our Homeowners insurance went up more than the Property Taxes - but it only increased our payment $45 month

 

[Onebad06vtx]

You can thank Joe Biden for everything going on!
Everything cost more now and It wont be going down.
They got to raise money to pay for their crazy spending spree.
Might be helpful to remember this the next time people vote.

 

[BehindBlueI's]

Mine went up alot this year. My mortgage company notified me that my escrow didn't cover them and our monthly payment is increasing $450/month to pay the balance and (hopefully) cover them next year.

I'm a 100% service-connected disabled veteran. Does anyone know if I have to file my property tax exemption annually or if it's a case of one and done?

2 years ago, when I submitted VA documentation, my property tax obligation was lowered significantly and I'm curious why it's so much more this year. My tax assessed value increased but only $5K so I didn't appeal it.

Something seems amiss. Honk for Joey!

Sounds like an exemption fell off. Did you contact the county office and ask? No way the taxes went up that much on $5k value increase and rates are steady.

 

[indykid]

Our Homeowners insurance went up more than the Property Taxes - but it only increased our payment $45 month

And this is one reason why escrows should not be allowed. "Only increased" $45 a month is a $540 increase. Same problem with property taxes. Mine went up virtually the same as your insurance, $500 per year but since I don't escrow my tax or insurance I notice the increase to only $4000 a year from $3500 last year.

If people were forced to pay their property tax once or twice a year directly to the county there would be a major rebellion to roll back the rent we pay on our homes. The same with insurance. If it went up "only" $540 a year, it has to be close to $2000 a year, which when escrowed in disappears.

If escrow accounts were done away with, and people were forced to save up to pay the full insurance or tax there would be a loud call for change. Fortunately most insurance companies allow partial payments, with a fee.

Insurance is different than property tax. I have had hail and storm damage to my house twice which made it nice that I had a good insurance policy which I do pay for. Taxes on the other hand are outrageous. Why should someone 70 or older pay taxes for schools that they will never again use? Why did my 90 year old mother have to pay property taxes for schools she never used. I can see some for police, fire and even the library but that is all.

 

[JettaKnight]

Why should someone 70 or older pay taxes for schools that they will never again use?

Do you really want a world filled with stupid people?

 

[DoggyDaddy]

Do you really want a world filled with stupid people?

It would be different than now how, exactly?

 

[Leo]

I would definitely look into the banks figures, $450 extra does not sound even possible If you don't live in Mar A Lago.

I have only had escrow on two mortgages. They were always messing up, year after year. . They would routinely send me a refund check for say $300. they said I over paid. Then next month they would threaten to fine me and even foreclose because my escrow was $150 short. Then they would readjust and the insurance would come due and they would not pay it. Then I get a letter from the insurance that they have cancelled my policy and three days later a nasty gram from the mortgage company that they were preceding with foreclosure because I did not keep the insurance paid up. Lather, rinse, repeat.

One was an FHA mortgage and the other was a private bank mortgage. I got really fed up with the 2nd one. Being the helpful man that I am, I figured I would assist them. So we wrote out a poster with instructions showing how to charge escrow. "Add all the annual escrow costs together and divide by 12. Add this amount to the monthly principle and interest payment. We can all be happy". I had my buddies wife draw cartoon illustrations to each step. I sent it certified, return receipt requested to the President of the bank. Never heard back from him. A few months later the same mess started again, lather, rinse, repeat.

All the other mortgages were conventional and I refused escrow service.

 

[indykid]

Do you really want a world filled with stupid people?

It already is. What’s a couple more?

 

[Usmccookie]

And this is one reason why escrows should not be allowed. "Only increased" $45 a month is a $540 increase. Same problem with property taxes. Mine went up virtually the same as your insurance, $500 per year but since I don't escrow my tax or insurance I notice the increase to only $4000 a year from $3500 last year.

If people were forced to pay their property tax once or twice a year directly to the county there would be a major rebellion to roll back the rent we pay on our homes. The same with insurance. If it went up "only" $540 a year, it has to be close to $2000 a year, which when escrowed in disappears.

If escrow accounts were done away with, and people were forced to save up to pay the full insurance or tax there would be a loud call for change. Fortunately most insurance companies allow partial payments, with a fee.

Insurance is different than property tax. I have had hail and storm damage to my house twice which made it nice that I had a good insurance policy which I do pay for. Taxes on the other hand are outrageous. Why should someone 70 or older pay taxes for schools that they will never again use? Why did my 90 year old mother have to pay property taxes for schools she never used. I can see some for police, fire and even the library but that is all.

Same with income tax… having it automatically taken before you see it has been one of the greatest travesties on American soil. It gave the fed free reign over how they wanted to run things and know they were backed financially

 

[bgcatty]

We can all thank “Bidenomics” for all of the financial messes we are facing today. Period!

 

[gregr]

Do you really want a world filled with stupid people?

When I see middle schools with a digital sign at both entrances and they have a "campus". When I see pro-grade athletic turf on a high school football filed. When I see new basketball "stadiums" going up. I`m only a high school graduate, but even I get that, this has nothing to do with "education". That and, throwing money at the perceived "education problems" in the U.S. are idiotic. Those who want to lear, do learn. Those who refuse, well....
It is immoral for government to charge people rent to lo live on their own property.

 

[bobzilla]

Sounds like an exemption fell off. Did you contact the county office and ask? No way the taxes went up that much on $5k value increase and rates are steady.

Agreed. $5k increase in value would be $50 for the year increase.

 

[bobzilla]

Do you really want a world filled with stupid people?

I forgot you enjoy paying the state for the right to live on property you “own”.