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I have a question. I how do I find out what my property tax bill will be for my home which is new construction? I closed on a new construction home in June 2007. The taxes due last September were about $200.00 which was for the land. I received a check from my mortgage company this week stating my escrow balance was over the allowed amount. I have been sending in extra money each month for the past year in anticipation of the tax bill for this year. I am confused. I went on the Wake County website, but there is no current tax bill for my property. I know there has to be a bill, since I am in the home 1 year now this month. Does anyone know how this works? The mortgage company is basing the escrow monies on a tax bill for the land not the full value of the home and land. My escrow account is now down to under $100.00 after they paid out for homeowners insurance renewal and sent this check. If that bill hits in the next month or so, there will be no monies in escrow to pay Wake County, is the bank that dense to send me a check? Help!
I have a question. I how do I find out what my property tax bill will be for my home which is new construction? I closed on a new construction home in June 2007. The taxes due last September were about $200.00 which was for the land. I received a check from my mortgage company this week stating my escrow balance was over the allowed amount. I have been sending in extra money each month for the past year in anticipation of the tax bill for this year. I am confused. I went on the Wake County website, but there is no current tax bill for my property. I know there has to be a bill, since I am in the home 1 year now this month. Does anyone know how this works? The mortgage company is basing the escrow monies on a tax bill for the land not the full value of the home and land. My escrow account is now down to under $100.00 after they paid out for homeowners insurance renewal and sent this check. If that bill hits in the next month or so, there will be no monies in escrow to pay Wake County, is the bank that dense to send me a check? Help!
I'm guessing by now your home has an assessed value which you can find on the county's website. I don't think the rates have been finalized yet (although I'm not sure about that), but there are good estimates out there. Multiply the rate times the assessed value to estimate your 2008 tax bill. I believe the tax bill is mailed late in the summer, it tends to be paid by most mortgage companies around Novemeber and is considered late in the beginning of January. Anyway, I'm surprised your mortgage company is handling it this way. I know we bought new construction in 7/06 and we estimated the tax bill based on the sales price and the tax rate.
Your home should have an assessed value by the end of June if it does not already.
I closed on my house in November (also new construction). There was a county assessor's office employee at my door this past Tuesday measuring the exterior of my house to determine the assessed value.
To check to see if your house is valued yet, follow this link- Real Estate Search
Put your house number and street name in the lower left and click "find".
Your assessed value will show up in the lower right corner of the next window. If the number there looks low, compare it to the "land sale price" in the middle of the window. If those two numbers are close, then your full assessment has not posted yet. Don't worry, it will be there before it has to be.
As a VERY general rule of thumb you should expect your annual property taxes to be right around 1% of the sale price of your home if it was new and you bought last year.
I have a question. I how do I find out what my property tax bill will be for my home which is new construction? I closed on a new construction home in June 2007. The taxes due last September were about $200.00 which was for the land. I received a check from my mortgage company this week stating my escrow balance was over the allowed amount. I have been sending in extra money each month for the past year in anticipation of the tax bill for this year. I am confused. I went on the Wake County website, but there is no current tax bill for my property. I know there has to be a bill, since I am in the home 1 year now this month. Does anyone know how this works? The mortgage company is basing the escrow monies on a tax bill for the land not the full value of the home and land. My escrow account is now down to under $100.00 after they paid out for homeowners insurance renewal and sent this check. If that bill hits in the next month or so, there will be no monies in escrow to pay Wake County, is the bank that dense to send me a check? Help!
There is a law that doesn't allow your escrow account to go over a certain amount and that is why your mortgage company/bank sent you a check.
If you want an estimate of what your tax bill will be so that you can save and not be surprised, take the sales price of your house times 95%. That is a good estimate for your ASSESSED VALUE. For examply...lets say that your sales price was $200,000. 95% of $200,000 is $190,000. Multiply by your tax rate...for examply if you are in Raleigh, you are paying Wake County AND Raleigh taxes. Lets say (for argument sake and because I don't do math) that your tax rate is 1% so your total bill for the year would be $1900 or $158.33 per month.
Yhea, yhea. Go ahead...check my math! I told you that it was just an estimate!
Hang on to your cash you were setting aside. Usually the lender or Broker would have originally set up the escrow account based on future tax value and many don't just to make the closing appear less expensive than another lender.
Having said that, you can expect approx. a tax rate of 1.11 percent of the value and you won't know exactly what is is until you receive your first tax invoice. Once you recieve it, send it to your lender along with a check and a short note to both adjust the escrow and to apply the funds to the tax bill. Usually you would send it along with the check for your mortgage payment, but make certain you send two checks.
Other option is to just wait for the mortgage company to recalculate after you sent in the new tax invoice. They are automatically notified just the same.
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Last edited by autumngal; 06-10-2008 at 09:08 AM..
thanks everyone I do show an assessed value for the home & land on the wake county site. I am not showing a tax bill. I will await the tax bill and request that my mortgage company readjust the amounts needed for escrow once this invoice is in hand. As of now, my mortgage company is basing the valuation on the raw land. I brought this up at closing last year and was told for now, that's how it's calculated. I am not sure why they couldn't get a rough estimate of what the taxes would be at that time and reflect that amount needed in my mortgage payment. I am in non-city limits of Knightdale. What calculation would I use to get a rough estimate of taxes. If the home's tax value is say $150,000, what percentage would I use to calculate the taxes. 1% would be $1,500.00 per year or $125.00 per month. I would think this would be less as I am not in city limits. Oh well, I knew this would be an issue until the tax bill came out. I know come September, there will insufficent funds in escrow to pay a tax bill, that's why I was sending in extra monies for the past year to build up escrow.
Last edited by nynraleigh; 06-10-2008 at 09:33 AM..
thanks everyone I do show an assessed value for the home & land on the wake county site. I am not showing a tax bill. I will await the tax bill and request that my mortgage company readjust the amounts needed for escrow once this invoice is in hand. As of now, my mortgage company is basing the valuation on the raw land. I brought this up at closing last year and was told for now, that's how it's calculated. I am not sure why they couldn't get a rough estimate of what the taxes would be at that time and reflect that amount needed in my mortgage payment. I am in non-city limits of Knightdale. What calculation would I use to get a rough estimate of taxes. If the home's tax value is say $150,000, what percentage would I use to calculate the taxes. 1% would be $1,500.00 per year or $125.00 per month. I would think this would be less as I am not in city limits. Oh well, I knew this would be an issue until the tax bill came out. I know come September, there will insufficent funds in escrow to pay a tax bill, that's why I was sending in extra monies for the past year to build up escrow.
My understanding is the proposed rate (don't know if it's been finalized or changed) for the county is 0.53%. So your bill would be $150,000*0.0053=$795. You might also have a small tax for your fire district.
If you want an example, find a home in your neighborhood on the county's website that sold in 2006 and look at their 2007 bill. Then just figure in the lower rate for 2008.
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