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Make sure to vote for the property tax reduction during this year’s election even if that is the only vote you cast. They are processing tax bills as if the amendment has passed. If it doesn’t, we will be repaying those taxes next year.
The cost to do business in dollars is what is getting expensive. If the US dollar is the titanic, water has now reached the mid level decks and the boat has reached a 10% incline
100% how it feels.
There’s a political problem to solve by getting property tax management under control. Gov’t is sandbagging on increased home values
Mine went up over $300 per month. Unfortunately I’m stuck until I get the loan to original value below 80%. I called and asked my mortgage servicer. I was able to use the appreciation on value of my home to get rid of PMI at least. Ultimately, it’s still your money but you can’t use it and it isn’t earning interest, which is really unfortunate with todays high interest rates.
Same. I’m also single so I completely understand. I’m using the loan amortization template in Microsoft office to track my payments and loan balance. It’s been 100% accurate over two years in how much of each payment goes towards interest versus principal, down to the penny. Based on that schedule, I’m another three years out from hitting the 80% mark but I plan to call again as soon as I get there.
It happened to me as well, and being a new homeowner I was both surprised and furious. Well, lesson learned, and I’ve just been putting extra in escrow to avoid another surprise next year
Mine went up $1000, we are not okay.
Good lord!! I felt real pain reading that. I can only how hard dealing with that is. Sending hugs.
Your taxes are what they are. You can only blame your elected officials for that. For insurance, you are allowed to shop around (and should) to see if you can get a better rate. Home insurance has been on the rise across the country, but shopping around is the best you can do
There is a reason most financial advisors recommend your home payment accounts for no more than 36% of income. Things fluctuate sometimes and don't want to be running too thin
I mean … do you complain when your house’s values went up significantly? You can’t have it all right?
It’s all % of assessed values, not really rocket science here
If it could potentially price me out of my first home within a year of home ownership, absolutely lol. It’s an unfortunate fact that the person who sold the house to me saw the most profit on the value increase so I will likely not reap much benefit. As I said, I am fine but the cost has changed quite drastically within my first year and the impact of this could be astronomical for a lot of people.
We bought at way less than the max we could afford. A $500 change is annoying, but it’s not going to price us out of it. Live below your means.
Cadillac
Update: if you’re in Texas, you may want to request that your mortgage servicer recalculate your monthly escrow. Thanks to the property tax bill that passed in November, my property taxes decreased. I called my servicer and requested a review and they’re now sending me a check for $300 AND reducing my escrow by $400 per month. Win!!!