Supplemental tax bill not mentioned or paid for at closing

First-time home buyer and poster looking for some advice.

We bought a house about 3 months ago. A week or so ago, we got a bill from our county tax collector indicating that we owe taxes because the value of the house (the selling price) increased since their last assessment. The bill also clearly indicates that this bill is not being forwarded to the lender and it is my responsibility. However, the lender collects taxes as part of my payment, so I assume that the amount they collect is for the initial/reduced tax amount, not this new full amount (initial + supplemental).

I get that property taxes are based on the value of the property. My question is that if the tax rate and selling price are known at closing, shouldn’t this be part of the closing costs so that people don’t get a surprise tax bill? How can I double-check correctly that I wasn’t charged this at closing already, and also check the amount of taxes that were already paid to the county on my behalf (can I simply call them?).

I’m contacting the title company that did all the calculations and paperwork, but their initial response was not very helpful and didn’t provide any new information.

Maybe this is how things work and my realtor should have warned me.

Thanks in advance for your suggestions.

submitted by /u/smoos_operator
[link] [comments]

First-time home buyer and poster looking for some advice. We bought a house about 3 months ago. A week or so ago, we got a bill from our county tax collector indicating that we owe taxes because the value of the house (the selling price) increased since their last assessment. The bill also clearly indicates that this bill is not being forwarded to the lender and it is my responsibility. However, the lender collects taxes as part of my payment, so I assume that the amount they collect is for the initial/reduced tax amount, not this new full amount (initial + supplemental). I get that property taxes are based on the value of the property. My question is that if the tax rate and selling price are known at closing, shouldn’t this be part of the closing costs so that people don’t get a surprise tax bill? How can I double-check correctly that I wasn’t charged this at closing already, and also check the amount of taxes that were already paid to the county on my behalf (can I simply call them?). I’m contacting the title company that did all the calculations and paperwork, but their initial response was not very helpful and didn’t provide any new information. Maybe this is how things work and my realtor should have warned me. Thanks in advance for your suggestions. submitted by /u/smoos_operator [link] [comments]

<a href="Read More“>View Full Article

Need More Commercial Real Estate Leads?SAVE 40% this month!

Our commercial valuation calculator was created to evaluate commercial real estate. In 6 quick steps you will know your NOI, CAP RATE, and IRR.

Now you can get your own branded version of our calculator!