How do property tax appraisals on a new home work?
We bought a new home last August 2005. The taxes for 2005 were based on a property value of 17,000$ . Our home is now worth about 150,000$ for 2006. We signed a paper during the purchase, asking the escrow account to go ahead on figure the new tax rate on our home into the mortgage payments from the beginning. I am not sure if they are doing it from the paperwork I have seen. So I am afraid we will be responsible for a huge tax payment come January that we are not prepared for. And, our monthly payments will go up to accommodate the new tax rate for the next year, etc. We cannot afford a 300-400$ increase a month. How do I find out for sure if the escrow account is being funded at the proper levels so there are no surprises come January. This is worrying me greatly!
We built a house on a lot worth 17,000.
Now the property is worth 150,000-lot and new house together.