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Has Anyone Noticed An Increase?

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VietVet View Drop Down
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Joined: May 15 2008
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    Posted: Oct 04 2009 at 10:08am
Got a statement from the bank the other day. Statement said we were $200 bucks short in the escrow. Was wondering why the shortage??? Was it caused by an increase in property taxes? Have any of you noticed your property taxes have gone up? Did we pass a levy in the past that I had forgotten about and is this levy passage now being reflected in an increase in property taxes? If so why on devalued property? Why hasn't property taxes gone down if the property is worth less? Have you noticed your insurance premiums have gone up? Is it the old "replacement value" costs more nowadays and your insurance premium has gone up because building materials cost more now routine???? Wife and I were just curious why the old house payment keeps creeping up lately. Anyone? Thanks in advance.
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Pacman View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Pacman Quote  Post ReplyReply Direct Link To This Post Posted: Oct 04 2009 at 10:36am
My escrow account statement just came in with a check that we had paid to much into escrow, so they refunded $143.00.  Escrow accounts can go up and down for several reasons.  One is taxes going up and down and the other is if you pay you house insurance by escrow your policy premium may go up.
 
Most insurance premiums have nothing to do with the appraised value of your house.  Insurance is based on how much it will cost to replace you house at todays construction costs labor and materials etc. as you stated.  Some policies have a clause, to also keep up with new building codes which can add to the replacement costs of a home.
 
I am not an insurance agent but these are items that I have had in my policy now or in the past.
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Bobbie View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Bobbie Quote  Post ReplyReply Direct Link To This Post Posted: Oct 05 2009 at 6:52am
Vet I had the same issue.  My property taxes went up however the value of my property has gone down - per the county.  Don't understand it myself.  Does anyone know when it is open to dispute the value again?  Mine is valued at least 25k more then what they are selling for in my neighborhood. 
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Marlayne Skeens View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Marlayne Skeens Quote  Post ReplyReply Direct Link To This Post Posted: Oct 05 2009 at 7:32pm
I tell my cleints to challenge their taxes after they receive their Tax Bill & before March 15th, to beat the challenge deadline ~ if you have re-financed or purchased a home this year, Show The County your HUD-1 statment for proof of your home's value ~ if you haven't re-financed, get in touch with a Real Estate Agent that you trust and ask them to run a CMA for your area, showing what the homes in your area are selling for ~ Some of my clients are very happy that they made the challenge ~ Good LuckSmile
I offer Professional, Ethical Service and a Smile,
while Following The Golden Rule ~ Thank You :-)
*For ALL Your Real Estate Needs Call Marlayne with Real Living Realty Services @ 513-465-6747
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Mike_Presta View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Mike_Presta Quote  Post ReplyReply Direct Link To This Post Posted: Oct 06 2009 at 6:14am
My property taxes have gone up 67% in the last 8 years. (Some due to increase in tax rates, but mainly due to reappraisal.)  The actual value has definitely gone DOWN. 
 
It would be no use for me to contest, though.  The county treasurer (Nancy "I have no further political ambitions" Nix) and I have had political disagreements in the past and my appraisal would probably go UP if I contested
“Mulligan said he ... doesn’t believe they necessarily make the return on investment necessary to keep funding them.” …The Middletown Journal, January 30, 2012
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Bobbie View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Bobbie Quote  Post ReplyReply Direct Link To This Post Posted: Oct 07 2009 at 7:26am
You can not use a HUD 1 statement from a refinance transaction, it only shows the amount that your refinanced not the value.  The HUD1 statement would only work on a recently purchased home. 
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