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Posted on: February 2, 2024

HAS YOUR ESCROW PAYMENT INCREASED?

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If there is a substantial increase in value since the previous year and the title company based its estimate on the lower value, it can create an escrow shortage.  Another example would be:  suppose you bought a newly-built house in 2021. The tax assessment on the property for 2020 may only take into consideration the land value. But, when the property is assessed again, it will include the land value plus the value of your home, which will increase your property taxes and, as a result, increase your escrow payment.  For information regarding your particular escrow account, please contact your lender directly.  (Please note that taxes and bills are handled by the Sheriff’s Office.)  

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