Re: New Tax Rate is Insane!

Posted by Dolomiti on 2018/3/28 9:49:13
Quote:

LoraJ wrote:
My mortgage company pays my taxes. Will they be the ones to get the new tax amount from the city?

What should happen is this:

- The company that services your mortgage collects money from you every month. This goes into an escrow account, which is used to pay your quarterly property tax bill.

- The company that services your mortgage should know about the increase in taxes, and pay them in full.

- You'll wind up owing the escrow account the balance between what you've put in, and what was paid out.

- Once a year, the mortgage servicer should review your property taxes and escrow balance, and figure out how much you owe them (or how much extra is in there). They'll recalculate the amount on that basis.

You can also call them, to find out when they're doing the adjustment, and/or make sure they follow the above process (or something similar).

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