Subj : Re: Property Taxes
To   : AARON THOMAS
From : Mike Powell
Date : Fri Mar 14 2025 18:23:00

>  MP> It does sound ridiculous, but do you know if property values in your
rea
>  MP> have gone up since the last time they adjusted your tax payments?

> Aren't property taxes adjusted every year?

That probably depends on where you live.  Seems like here they can be
adjusted every year but there is only a "serious re-evaluation" every so
many years.  Sort of like how the electric company estimates your usage for
a couple of months between the meter readings, at which point you get charged
for additional usage during those two months if the estimates were wrong.

> My wife tried to decode the
> information the bank gave us and said that the property tax only went up
> slightly but that this increase in our monthly payment has something to do
it
> the city's decision to take payments once a year instead of twice a year like
> they have in the past.

Interesting.  Ours are collected once/year.  The monthly payment can also
go up in order to keep the minimum amount in your escrow account.  Your
mortgage company estimates what the insurance and property tax payments
will be each year and sets your payments accordingly.  If the payments turn
out to be higher than estimated, you may see your monthly payment go up for
the next year in order to bring the balance in your escrow back up.

Mine went up this year because the escrow estimate last year was too low
and the escrow balance got too low after the insurance and taxes were paid.

> It's confusing. Some of this stuff goes over my head, but the part that
oesn'
> go over my head is... that they want me to pay an extra $100 per month :(

It is confusing.  First time or two it happened to me, it took a lot of
reading to figure it out.


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