My property taxes were just paid by my mortgage company for the summer. It is $1244 higher than last year. Do you think this is correct?
2006-08-25 16:09:05 · 5 answers · asked by pugger_dood 1 in Business & Finance ➔ Taxes ➔ United States
Sounds pretty high of an increase unless you did major improvements or additions to your home, or were reassessed - some areas don't reassess often, then when they do, you can really get hit with a big increase.
Check with your county courthouse. They should be able to give you the numbers. If they're different from what the mortgage company showed, call and ask them why.
2006-08-25 17:54:03 · answer #1 · answered by Judy 7 · 0⤊ 0⤋
Additional information is required to answer your question.
1) What state is your home in? If California, then you can expect an increase of no more than 2% per year plus any additional assessments that might be unrelated to property tax such as sewer charges. If in another state, then your increase could be related to an increase in the value of your home.
2) Did you recently purchase your home? If so, you might be comparing last year's taxes which might cover a portion of the year to this year's taxes OR the mortgage company might have paid a catch up (supplemental) assessment for last year. It could also be the case that you did not apply for a homeowners or homestead exemption.
3) Are your sure that the entire amount paid was for taxes and not home owners insurance or private mortgage insurance?
4) Did you make improvements to your home (adding an extra room and bath) for which you are being charged additional property tax?
2006-08-25 16:21:02 · answer #2 · answered by TaxMan 3 · 1⤊ 0⤋
Did you have enough in your escrow account to pay the taxes last year. You may have been short. Or possibly the taxes were based on an inaccurate value of the home. In either case, gather your property tax papers from last year and compare the differences. You can also call the mortgage company for an explanation.
2006-08-29 03:51:59 · answer #3 · answered by hirebookkeeper 6 · 0⤊ 0⤋
that's possible, not surprised. property taxes go up for any minor improvement to your property or surrounding properties. that's just wrong but that's how it works.
2006-08-25 16:14:22 · answer #4 · answered by wilderone74 4 · 0⤊ 0⤋
It has to be honest, but you can check if you like.
That is a pretty big increase, but a lot has happened since last year.
2006-08-25 16:33:00 · answer #5 · answered by Anonymous · 0⤊ 0⤋