Current Events > My property taxes are going up by like 10k. Mortgage payment gonna increase?

(+) Yeah! (+)

Just wondering how much I should expect
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I hate property tax. I have to pay like $2500 because I never put my mother's house in my name.

I'm finally correcting this but still...
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Well if your taxes are included in your mortgage, it would logically go up by 10,000/12 (assuming you make monthly payments)
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stone posted...

Well if your taxes are included in your mortgage, it would logically go up by 10,000/12 (assuming you make monthly payments)

$833? That doesn't seem right. That's more than my entire mortgage payment currently.
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lww99 posted...

stone posted...

Well if your taxes are included in your mortgage, it would logically go up by 10,000/12 (assuming you make monthly payments)

$833? That doesn't seem right. That's more than my entire mortgage payment currently.

Then there might be something wrong.. Taxes going up by 10,000 seems a lot.. How much were they before?
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Going from like 95k to 105k
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What the hell you pay that much in taxes?? Seems excessive, how many millions is the house worth??
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Whooooops I meant property value. Not property taxes.

My bad y'all, Monday morning bending me over.
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Ohhhh!!!
Then no your mortgage payments shouldn't change at all, unless the value made the taxes go up (which it should), and you have those included into your payments, but it shouldn't go up by more than a few hundred for the whole year, so not all that much monthly.
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Depends on when you get your taxes.. Here, property taxes are sent in like January I think?
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Yeah, taxes and insurance are included in my monthly payment.

Oddly enough, my payment actually went down by like $50, 3 months ago
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What city do you live in?

Really? What made it go down?
Guess it'll go back up by that same 50 on your next taxes billhaha
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Ah, if your property value went up, I don't know if that necessarily reflects on your mortgage unless you refinance it.
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Kineth posted...

Ah, if your property value went up, I don't know if that necessarily reflects on your mortgage unless you refinance it.

His taxes are included in his payments though, so it should logically change that portion of the payment, not the actual mortgage though, unless as you said he refinances it
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stone posted...

Really? What made it go down?
Guess it'll go back up by that same 50 on your next taxes billhaha

My loan officer sent me this, when I asked him about it.

After reviewing the closing documents and the account, we show that at closing the insurance premium paid was $366.00 and the new premium with _______ Insurance Companies is $408.00. The insurance premium actually increased. Also, the County is still showing a Homestead Credit on your property taxes. I think this is the big reason for the reduced payment. Once the County amends the Homestead Credit, your payment should adjust. You may see an escrow shortage when that change occurs. I would suggest having a reserve to make the taxes up to date once the change is made.

The Homestead is showing $343.41 per half year at this point
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As a Brit what are these taxes? In the UK we have to pay money every month to the city to pay for things like bins being emptied or fire service or polic. How do you pay them in the us? Is it the same thing?
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stone posted...

Kineth posted...

Ah, if your property value went up, I don't know if that necessarily reflects on your mortgage unless you refinance it.

His taxes are included in his payments though, so it should logically change that portion of the payment, not the actual mortgage though, unless as you said he refinances it

Ah, you're right. For some reason, I neglected the fact that the property value increase would increase his taxes.
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The insurance increase is to be expected with the value increase, as the insurance is intended to cover the full cost of replacing the home in event of disaster. So if the home is now more expensive, then the insurance adjusts accordingly.

Congrats on your home value increasing.
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Crepes posted...

As a Brit what are these taxes? In the UK we have to pay money every month to the city to pay for things like bins being emptied or fire service or polic. How do you pay them in the us? Is it the same thing?

You can pay them directly to the city or have it included in your mortgage payment, some people prefer one method over the other but yeah it's to pay for services.
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lww99 posted...

Going from like 95k to 105k

what the actual fuck
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NeonOctopus posted...

lww99 posted...

Going from like 95k to 105k

what the actual fuck

I misspoke/misread all at once
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