I am a first time homeowner and I am very confused about a sudden reduction in my escrow portion of my monthly mortgage payment. I received a check for nearly $3000 as an escrow surplus today. Further investigation showed that my monthly escrow amounts dropped from 780 to 100 per month. This was due to a drastic reduction in city property tax. This has resulted in the surplus (not as much needed in my escrow account), and also a lower monthly mortgage payment. Before I get too excited...is this too good to be true? I looked at the city’s website and the tax rate is listed only as recently as 2016. It has gone up slightly each of the several years up to and including 2016. Is it safe to cash the surplus check? What could cause the tax rate to fall so significantly? Is there anything else I should be aware of?
Submitted January 09, 2018 at 06:34AM by TheFireStartsWithin http://ift.tt/2CHgAwF
