It appears almost all the taxes on homesteads are being raised the maximum 10% Texas law allows. So if you live in an average $250,000 home your tax assessments are being raised by $25,000. If your taxes are between 2.2% to 3.0% depending on location, your taxes could increase between $550 and $750.
If you do nothing, when the taxes come due in October your Escrow will probably be short these amounts, and the lenders will charge the back taxes due, as well as add that amount into the calculation for the next year’s Escrows, making you possibly pay twice the amount of the tax shortage.
My recommendation is to pay a few extra dollars on each monthly payment with a note indicating that the extra payment should be added to your Escrow. If you start paying $125 to $150 a month starting June 1st, your Escrow should be OK and you should not get a letter from your lender raising your payments for the next year to make up for this shortfall.
Obviously - these are relative amounts depending on price ranges of your homes.
Please consult with your tax adviser/financial institution, to determine the best route for your situation. Nothing in this communication is intended to constitute legal or tax advice.
Author:Stephanie Gonzalez Phone: 214-454-4646 Dated: June 2nd 2015 Views: 1,261 About Stephanie: About Halo
We understand that for many people, buying or selling a home is probably the largest i...
We understand that for many people, buying or selling a home is probably the largest investment decision that they will make in their lifetime. Halo Group Realty LLC thus became active in selling Real Estate in 2008 and was setup to make this process a simple and painless transaction. Your dedicated agent will guide you every step of the way to make purchasing or selling your home enjoyable and exciting… as it should be!
Today, Halo Group Realty LLC is at the cutting edge of technology in offering assistance to those in need of real estate services, and we have revolutionized the method of delivering education to consumers. Halo is established as the place for consumers to get the knowledge and assistance they deserve in the process of facilitating the Real Estate transaction, positioning you in the best possible situation to get the best price when you either to buy or sell. With leadership, innovation and forward thinking, Halo Group Realty, LLC is poised to make a huge impression in the real estate market while providing clients the keys to home ownership.
Our goal is to help make your dream a reality and take away all of the stress that goes along with purchasing or selling your home. Whether you are purchasing new construction, an existing home, or just an open space for future enjoyment, representation by a Halo agent is a valuable tool in making your dream become a reality.
Updating your home to be more chic - without looking cheap - is comple
"Thank you for all of your support and help throughout my home buying process. I can't express enough how grateful I am. I don't think I could have made it through without your professional guidance. Thanks for everything Lynell Jones! "