I closed on a new construction in Seattle. Lender estimated my property tax to be ~$10,000 this year so they are collecting $1,000 for property tax every month, but when I checked on the county website, the whole property tax assessed for 2022 is just over $2,000. How do I adjust monthly payment to escrow and get refunds? #mortgage #housing
Ask for a reevaluation. Happened the same thing to me. I got a refund
The tax assessment/amount will change based on the transaction price of your property. You will get a supplemental bill when that happens and it will roughly be the amount that escrow estimated. If there is an overpayment, escrow will send a refund check or reduce monthly. In case of underpayment, escrow will bump up the monthly payments to cover the gap.
Don't take escrow. Pay on your own
Your 2022 taxes were wrong, they did you a favor, escrow will refund you if there is an overage
In CA they are required to pay you interest on your escrow balance. I think it's 2%, so better than any bank.
the property taxes will be reset by the county assesor soon ...this will then be communicated to your lender - the lender is collecting the higher amount of taxes to prepare to have ample funds to pay the second half 2022 tax bill in October 2022. the lender should do an escrow analysis once a yr to determine if they need to adjust the escrow amount ...if there happens to be a large surplus of funds in your account - they will likely refund it ( this seems like it sledoms occurs)
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