When do new property tax values go into effect? (mortgage, lender)

[camelian]

I was cleaning off my desk and came across the new property tax value assessed for my house sent out earlier this year. When do these values update in your escrow?

My house went from being horrendously over valued to being just slightly under valued so there's about a 40k drop that should drop my escrow quite a bit.

[hoffdano]

Originally Posted by camelian

I was cleaning off my desk and came across the new property tax value assessed for my house sent out earlier this year. When do these values update in your escrow?

My house went from being horrendously over valued to being just slightly under valued so there's about a 40k drop that should drop my escrow quite a bit.

It has been a long time since I had an escrow, so I don't know for sure how your mortgage company handles changes in property taxes. But I think you should assume they won't do anything at all until they see the tax bill, which should be sent in early December. And I would be surprised if they reduced your escrow amount without you insisting they do so.

[FalconheadWest]

The tax bill goes out in October. Most lenders pay the bill in November or December. When your lender sees there's too much money in your escrow account, you will receive a refund and they will also let you know the new amount they want to collect from you. So, in essence, you won't know your new amount until probably January.