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Message
Property Taxes Doubling - Can't find anything about property tax rates going up
Posted on 12/21/16 at 11:44 am
Posted on 12/21/16 at 11:44 am
Last year I paid $70 monthly for property taxes and I just got my escrow report and it says I'll pay $149 monthly in 2017.
Any idea why that might have happened? Know of any LPT to get this number back down?
I'm already walking a thin line on this rental property, and an extra $79 a month puts me really close to not even breaking even with the rent payments.
Any idea why that might have happened? Know of any LPT to get this number back down?
I'm already walking a thin line on this rental property, and an extra $79 a month puts me really close to not even breaking even with the rent payments.
This post was edited on 12/21/16 at 11:47 am
6
Posted on 12/21/16 at 12:03 pm to StringedInstruments
could be a lot of things
did you lose homestead exemption because it is a rental?
did your property insurance go up?
the whole way they figure your escrow analysis is pretty weird, it has a low threshold it can not go below and if it does they add more the next year and hopefully it evens out in the next
I would call your mortgage company and get some details
did you lose homestead exemption because it is a rental?
did your property insurance go up?
the whole way they figure your escrow analysis is pretty weird, it has a low threshold it can not go below and if it does they add more the next year and hopefully it evens out in the next
I would call your mortgage company and get some details
Posted on 12/21/16 at 12:11 pm to Tigerpaw123
quote:
did you lose homestead exemption because it is a rental?
I don't know. Don't think so. It's been a rental for almost four years. Why would that kick in now?
quote:
did your property insurance go up?
No.
quote:
the whole way they figure your escrow analysis is pretty weird, it has a low threshold it can not go below and if it does they add more the next year and hopefully it evens out in the next
There's also a surplus added to each month's payment. $88.
Posted on 12/21/16 at 12:58 pm to StringedInstruments
quote:
I don't know. Don't think so. It's been a rental for almost four years. Why would that kick in now?
did you claim homestead exemption any where else?
Posted on 12/21/16 at 1:00 pm to StringedInstruments
If the assessor's office did a reappraisal which they do periodically that would be it. Where I live a $10,000 increase in the home value would be another $90 in tax mire or less. You can compare to last years stub
Posted on 12/21/16 at 1:09 pm to StringedInstruments
What parish?
Oddly enough orleans has a great online system that shows the last few years of history
Oddly enough orleans has a great online system that shows the last few years of history
Posted on 12/21/16 at 1:13 pm to StringedInstruments
Talking to my buddy who is a CPA yesterday, idk where you're located but he was saying that EBR Parish is not accepting property tax payments for 2016 because of the flood, and they will be collected next year. Maybe this could just be a doubling "on paper" situation while your escrow payment remains the same?
I don't really have any more info than that. I know my taxes are usually paid in full from my escrow by mid December and it hasn't been paid yet. Check your mortgage account and see if it's been paid for 2016.
I don't really have any more info than that. I know my taxes are usually paid in full from my escrow by mid December and it hasn't been paid yet. Check your mortgage account and see if it's been paid for 2016.
This post was edited on 12/21/16 at 1:22 pm
Posted on 12/21/16 at 1:39 pm to Tigerpaw123
quote:
did you claim homestead exemption any where else?
No.
Posted on 12/21/16 at 1:40 pm to agdoctor
quote:
If the assessor's office did a reappraisal which they do periodically that would be it. Where I live a $10,000 increase in the home value would be another $90 in tax mire or less. You can compare to last years stub
This could be it. I know Zillow is nothing official, but my home value estimate went from $162,000 in 2013 to $191,000 in 2016. I would imagine the actual home value has increased substantially if real estate estimators are guessing higher.
Posted on 12/21/16 at 1:40 pm to Mr.Perfect
quote:
What parish?
Shelby County in Alabama.
Posted on 12/21/16 at 1:45 pm to StringedInstruments
So I just checked the property tax website, and it has my land value at 20%. My parents live in the same town and theirs is at 10%. My neighbors are 10%. Two houses down is 10%.
I'm assuming there's a mistake with my estimated land value. I'll call to figure that out.
I'm assuming there's a mistake with my estimated land value. I'll call to figure that out.
Posted on 12/21/16 at 1:49 pm to StringedInstruments
I'm not sure how they do it in Alabama, but most places, you should have rec'd a notice of appraised value. It's possible your assessed value went up, which would mean the prop taxes would go up.
Also, escrow can be affected by many things. You said there was a shortage - if there is, they maybe the increased expenses already happeend and the lender is trying to get their escrow fixed for later years.
Also, escrow can be affected by many things. You said there was a shortage - if there is, they maybe the increased expenses already happeend and the lender is trying to get their escrow fixed for later years.
Posted on 12/21/16 at 1:58 pm to LSUFanHouston
Just realized I lost homestead exemption for 2016.
Monthly payment went from $1123 to $1288 with $79 in increased property taxes and $88 in shortages. Mortgage insurance went down, so the monthly isn't exact.
Looks like the shortages are backpay for homestead exemption loss for 2016? And the $79 is for 2017?
Monthly payment went from $1123 to $1288 with $79 in increased property taxes and $88 in shortages. Mortgage insurance went down, so the monthly isn't exact.
Looks like the shortages are backpay for homestead exemption loss for 2016? And the $79 is for 2017?
Posted on 12/21/16 at 3:38 pm to StringedInstruments
Oh. Well I guess see if they have an online system with the assessor office
Posted on 12/21/16 at 4:31 pm to StringedInstruments
The $79 is to account for the increased taxes.
The $88 is because they failed to collect enough escrow in the past.
If your escrow works well in 2017, the $88 should fall off.
Escrow can change from year to year.
The $88 is because they failed to collect enough escrow in the past.
If your escrow works well in 2017, the $88 should fall off.
Escrow can change from year to year.
Posted on 12/21/16 at 9:48 pm to StringedInstruments
Shelby County actually has a really good GIS system where you can look at your properties. As an appraiser in the area I love doing work in SC because their system is so much better than other areas. Jefferson County is decent. Madison and Shelby are the best IMO. When you get out into more rural counties in Alabama some of them are complete garbage. Shelby County also has a great deed system where you don't even have to leave the GIS to see deeds. You probably don't care about any of this but I already typed it all so oh well.
Posted on 12/22/16 at 7:11 am to StringedInstruments
Hell, I live in an 800 s.f. condo and my property tax is nearly $400/month. My HOA monthly nut is $500 on top of that. 
Posted on 12/22/16 at 7:50 am to StringedInstruments
quote:
quote:
did you claim homestead exemption any where else?
No.
Were you claiming it on this property? You do know that you're not entitled to it unless it's owner occupied. You may be liable for back taxes and penalties for the years that you claimed it illegally.
This post was edited on 12/22/16 at 7:53 am
Posted on 12/22/16 at 10:26 am to StringedInstruments
quote:
I don't know. Don't think so. It's been a rental for almost four years. Why would that kick in now?
Look at your tax bill. It will have whether or not the exemption is applied.
It is definitely possible that they removed the exemption without notifying you though.
Posted on 12/22/16 at 12:15 pm to OceanMan
They send out a postcard notice of homestead exemption around the end of November. It's marked Address Service Requested so the Assessor is notified that your mail is being forwarded. That's how they would find out that you no longer occupy the house.
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