ghitch75 brings up something I like to point out to people, that property tax is payed twice a year unless you pay it through escrow in your mortgage.
I have always complained that escrow accounts for property tax should be illegal. Make people send in a check every six months and they will see what they really are paying. Most people with mortgages have no idea what they pay in property tax, so forcing them to figure out how to save up that money for a check to their county renter would really open up a lot of eyes.
ghitch75 brings up something I like to point out to people, that property tax is payed twice a year unless you pay it through escrow in your mortgage.
I have always complained that escrow accounts for property tax should be illegal. Make people send in a check every six months and they will see what they really are paying. Most people with mortgages have no idea what they pay in property tax, so forcing them to figure out how to save up that money for a check to their county renter would really open up a lot of eyes.
Mine are paid via escrow, but I still get a statement from the County assessor (or Treasurer?) twice a year telling me what I'm paying. I just don't have to write the check.
When I serviced the mortgage portfolio for a bank, tax escrows were a royal PITA. Taxes pretty much went up each year. I had to calculate the increase in escrow payment and inform the borrower. This inevitably brought a negative response from the borrower. Had to explain that the bank wasn't raising their taxes, the county was. Then there were the folks that got big tax increases and didn't have enough in their escrow account to pay them. Many wanted the bank to cover the shortfall. (I'm not lying) Finally, there were the borrowers who would come in and tell me they want to pay their taxes under protest and I should facilitate it.
I finally convinced the president that escrow accounts were way more trouble than they were worth and he okayed me to get rid of them. If someone defaulted on their tax payment we had a service that would notify us. I would then tell the borrower they either pay it at once or the bank pays it and adds it to their balance. Ah, the joy of dealing with the public!
Dream onYes, the way I understand it is that personal property taxes are capped at 1%. Rates are higher for rentals and commercial property.
I disagree with your statement , and here is why ---- I don't know about anyone else but I get a monthly statement from the bank that has on it what and where my payment goes -- so much to this and that -- how much goes in the escrow for the tax's and what the tax amount is , I also get 2 statements from the county tax - telling me what my total taxs are and it also shows what they are in the 2 -6 month time periods. So I do know what I have to pay -- my eyes are open -- I just prefer it to be paid like this so its one less thing I have to worry about or remember to pay. No I don't like the property rent tax - its BS .ghitch75 brings up something I like to point out to people, that property tax is payed twice a year unless you pay it through escrow in your mortgage.
I have always complained that escrow accounts for property tax should be illegal. Make people send in a check every six months and they will see what they really are paying. Most people with mortgages have no idea what they pay in property tax, so forcing them to figure out how to save up that money for a check to their county renter would really open up a lot of eyes.
Escrow is generally only mandatory if you have less than 20% down. With most financial institutions you can request escrow be "curtailed" in partial or in full once you hit 20% equity.
I think it is time to file an appeal. Has anyone had any luck doing that in here.
You can challenge the assessment.