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Money in Escrow Account- Tax Assessor Question
Posted on 1/31/24 at 1:25 pm
Posted on 1/31/24 at 1:25 pm
I recently completed construction of my house and we moved in around Labor Day.
Since it's a new build the tax assessor hasn't taken into account the value of the home yet so our parish taxes were low compared to when it will be newly assessed.
I went and looked at my neighbors property and they are roughly all within 4-6K range.
When I went into my mortgage account I noticed we have nearly 15K in escrow after paying the mortgage for 5 months. At the rate we are going I would have nearly 50k in escrow when this years property taxes are due. Has anyone had experience/success with getting the tax assessor to do a new assessment prior to the end of the year?
Im happy that we have a good bit in escrow comparably but id like to get it revised to the close to the correct number so my mortgage payment is lower.
Since it's a new build the tax assessor hasn't taken into account the value of the home yet so our parish taxes were low compared to when it will be newly assessed.
I went and looked at my neighbors property and they are roughly all within 4-6K range.
When I went into my mortgage account I noticed we have nearly 15K in escrow after paying the mortgage for 5 months. At the rate we are going I would have nearly 50k in escrow when this years property taxes are due. Has anyone had experience/success with getting the tax assessor to do a new assessment prior to the end of the year?
Im happy that we have a good bit in escrow comparably but id like to get it revised to the close to the correct number so my mortgage payment is lower.
2
Posted on 1/31/24 at 1:44 pm to bayoutiger225
is the money is escrow only for property taxes?
Posted on 1/31/24 at 2:20 pm to bayoutiger225
Are you sure that the escrow account wasn’t funded at closing or are you really paying $3k/month to escrow?
Posted on 1/31/24 at 2:36 pm to PhiTiger1764
Definitely a possibility it could’ve been funded at closing. I’ll go back and look. Didn’t think about that.
Posted on 1/31/24 at 3:43 pm to bayoutiger225
Just check one of your mortgage statements. It should show how much is going to escrow each month..
Posted on 1/31/24 at 7:14 pm to PhiTiger1764
Yep just did. Looks like they did do an escrow analysis and will be sending me a check for a healthy sum. They are still estimating my property taxes to be nearly double what my neighbors is which is odd. Not sure why that is but I should have some more clarification tomorrow.
Posted on 1/31/24 at 8:01 pm to bayoutiger225
Most tax assessors have a tax estimate tool on their website. Run that tool if available and provide it to your escrow agent.
Posted on 2/1/24 at 12:43 pm to bayoutiger225
Once you get a certificate of occupancy, the value is usually sent to the Assessor and that is your taxable value. If you bought your house through a sale, then that is normally your value until reassessment, which is supposed to take place at a designated period.
That is what is so shitty about local property taxes. The elected Assessor doesn't reassess the properties as they should. So instead of as the revenue comes in they have the authority to hold the millages or roll them forward, they always roll them forward.
The system is supposed to work that as more homes are purchased and homes are reassessed, the overall tax amount per individual property owner should go down, because more people are paying in. However, they put an undue burden on the new purchaser, because they move millages forward instead of hold and don't reassess properties as they should. Wouldn't want to reassess those properties bought in the 1970's, those people vote. I don't think it would change with appointed assessor's either.
That is what is so shitty about local property taxes. The elected Assessor doesn't reassess the properties as they should. So instead of as the revenue comes in they have the authority to hold the millages or roll them forward, they always roll them forward.
The system is supposed to work that as more homes are purchased and homes are reassessed, the overall tax amount per individual property owner should go down, because more people are paying in. However, they put an undue burden on the new purchaser, because they move millages forward instead of hold and don't reassess properties as they should. Wouldn't want to reassess those properties bought in the 1970's, those people vote. I don't think it would change with appointed assessor's either.
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