Great news! Property values nationwide are on the rise. This means that local governments are reassessing properties to reflect higher home values. And as home values increase, property tax bills and homeowners insurance policies will begin to increase too.
As a mortgage servicer, we work to identify trends in escrow. Nationwide, we’re seeing an increase in property tax bills as local governments catch up with rising home values. Here are a few tips to help you stay abreast of any changes in your taxes and insurance, as well as any impact this may have on your escrow account.
It’s common practice for local governments to send annual property assessment information directly to homeowners. You may receive a copy of your property tax bill in the mail – which is a great way to keep up to date with what will occur in your escrow account over the next year.
Many municipalities have websites where you can access assessment and property tax information as well. You could also try NETR Online, which offers an online directory of public records.
If you know your property taxes or insurance rates have increased, you may be able to make an escrow-only payment to your mortgage company. (Quicken Loans accepts escrow-only payments.) Making escrow-only payments can reduce and even eliminate escrow shortages.
Assess Your Current Situation
As property values rise, so does the opportunity to refinance. You may be able to take advantage of all that new equity in your home, as well as today’s low rates!
Any questions about escrow or your property taxes? Leave your questions in the comments section below!
If so, subscribe now for tips on home, money, and life delivered straight to your inbox.