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San Bernardino and Riverside Counties The Inland Empire
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Old 05-06-2014, 05:55 PM
 
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I just received a letter from my mortgage company stating that my mortgage payment will be going up starting June 1, 2014 because of a shortage in my escrow account. The reason is because my property taxes have risen $534 for 2014 year. Any homeowners with similar increases in property taxes?
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Old 05-06-2014, 06:34 PM
 
Location: South Bay
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Prop 13 limits the amount your property taxes can go up on a year over year basis (2% I believe), unless the home is sold at which time the taxes are assessed at the current value (usually sales price) of the home. Based on my math, your total property tax bill must have been roughly $25,000 last year. Unless you bought a home for north of $2 million, this seems like an unlawful increase.
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Old 05-06-2014, 11:08 PM
 
3,532 posts, read 6,442,596 times
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Quote:
Originally Posted by BRinSM View Post
Prop 13 limits the amount your property taxes can go up on a year over year basis (2% I believe), unless the home is sold at which time the taxes are assessed at the current value (usually sales price) of the home. Based on my math, your total property tax bill must have been roughly $25,000 last year. Unless you bought a home for north of $2 million, this seems like an unlawful increase.
I know that if the value of our homes go down, which mine did during the mortgage meltdown, my property taxes went down as well. Now that the value of my home is rising again, I am figuring that the county is reassessing all properties to get back the revenue that the county lost.
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