Got our property tax bill in the mail

**jamie79** · 12-18-2007, 06:51 PM

and it went from $2300 to $2900 . I cant believe how big an increase. There is not enough money in escrow to cover all of that and it is due January 31. I dont know what we are going to do. How can they increase it that much in one yr.

**LexTysMommy** · 12-18-2007, 06:57 PM

Can you make installment payments? Our city lets us as long as we make first payment by Jan. 31. We split it in 3 payments.

I am sorry that they went up that much. Mine went up about $100. Now its almost $3000! Yikes!

**FrugalMomof3** · 12-18-2007, 07:50 PM

Wow that's a big increase, did they say what it is actually being put to? I do however, know how you feel... every year we get a mortgage thingy saying our mortgage went up because of not enough in escrow to cover yet our homeowners went down, go figure. Just got one in the mail yesterday it went up over $5, and it stinks since hubby's next check is less than usual and he's off the entire week of Christmas, thus losing us alot of money

**PB&J** · 12-18-2007, 08:34 PM

That is a big increase! Did they not warn you in advance it would go up? Ours actually went down from last year because we got the homestead exemption this year, so that knocked it down about 600. We had extra in our escroe so they just refunded it.

But our house value went up this year, so the taxes went up about 200. They told us that at the beginning of the year when it was appraised.

One time last year we didn't have enough in escroe to cover our insurance since insurance went up, so our house payment went up like $10 per month to cover it. The bank just paid the insurance and our escro was in the negative until we caught up. We didn't have to fork over the extra right then.

**cottageliving** · 12-20-2007, 05:59 PM

That's a big jump -- I agree with what was already written. See if you can make a few monthly or quarterly payments for the extra $600.

Good luck with it!

**adavant** · 12-20-2007, 07:03 PM

OUrs jumped from $350 to $500. I am making 1/2 payment on due date 1/4 a month later 1/4 another month later. I was relieved to hear that option.

**nodmicks** · 12-20-2007, 07:08 PM

That is a big jump! Ouch! Our only went up $150. Our escrow is short also but thankfully it isn't more.

**Dancing Lotus** · 12-20-2007, 07:16 PM

Last year mine went up 230. a month because of shortage plus 230. so it would be short again this year. Thus the major fiancial struggle we have been fighing all year. Of course we just got our statement for 08 and its going down.
So in short.....Yes it can go out that much.
I am sorry this is happening to you.

**scottp999** · 12-22-2007, 12:04 PM

You mention escrow. I assume that means your payments are sent by the mortgage company? If that is the case then when your escrow account is analyzed by the mtg company (same month each year) your shortage will be divided and spread out over 12 months or you have the option to pay the shortage in full.

It is always better to spread the shortage over 12 months. Think about it, mortgage companies are fronting the money, and not charging you any interest. You can never beat a 0% interest loan.

Of course I understand how absurd some of these tax amounts are becoming and it is more and more obvious that no one really owns their home, even if you have the mortgage paid off. Everyone is just one missed property tax payment from having their houses auctioned by their local government.

One thing you can try to do, is call your mortgage company when you receive your yearly escrow analysis statment and ask them if they will spread the shortage over 24 months. Can't hurt to ask. I have seen it done before.

**nodmicks** · 12-22-2007, 12:38 PM

Our mortgage got sold. Our old bank paid the property taxes and gave us the choice of paying any shortage in full or spreading it out. We paid in full previous years.

Since the mortgage got sold the new co. Sent us check to pay our own taxes. If it is too much our township must refund us. If it is not enough we are responsible for the difference in full by tax date. Well we are short but only $178. I called the mortgage co asking how to get out of escrow. They said refinance. Ummm no way we have a great rate. I was shocked they could keep us in escrow being we own over 1/2 the house. Anyways since escrow is always off I will starting adding to a seperate account monthly to cover any shortages next Dec.

**chatterweb** · 12-24-2007, 06:52 PM

Property taxes for our rental went from $600.00 per year to $2183.76.
I called our mortgage company since I found out first.
They did an escrow analysis.
Our monthly payment went from $1346.00 to $1515.00.
They sent me a payment coupon to pay addition to escrow. It was over $400.00. I almost paid it, but there was no due date.
The mortgage company ended up paying the property tax and
my escrow account went negative for a month.

Just another story about property taxes for you to read!

**frugal-fannie** · 12-31-2007, 09:16 AM

In California if you refinance you can cause your house to be reassessed and it can go up more than that.That is why I will not refinance, good thing I have a good equity line.