Homestead Exemption - Hillsborough County (2014, insurance, mortgage)

[ColdinNYC]

Looking for some clarification on the property tax homestead exemption...

Home purchased in September 2013.

Homestead Exemption application filed January 1, 2014.

Property taxes paid by the bank via escrow account.

When should I expect my monthly mortgage payment (PITI) to go down?

Will the bank be notified of the exemption?

Thanks!

[bentlebee]

Call your lender or the mortgage person who assisted you when you bought the home.

[DUNNDFRNT]

Originally Posted by ColdinNYC

Looking for some clarification on the property tax homestead exemption...

Home purchased in September 2013.

Homestead Exemption application filed January 1, 2014.

Property taxes paid by the bank via escrow account.

When should I expect my monthly mortgage payment (PITI) to go down?

Will the bank be notified of the exemption?

Thanks!

The PMI has nothing to do with homestead, your overall escrow value will go down, but you probably wont see it happen until next year, if you filed this year then it will start counting this year, so when your mortagage company pays the taxes next year it will have a surplus you will get a refund check then your escrow will get adjusted appropriately but not until next year.

[HWTechGuy]

Originally Posted by DUNNDFRNT

The PMI has nothing to do with homestead, your overall escrow value will go down, but you probably wont see it happen until next year, if you filed this year then it will start counting this year, so when your mortagage company pays the taxes next year it will have a surplus you will get a refund check then your escrow will get adjusted appropriately but not until next year.

I fail to see the reference to PMI in the original post. Granted, PITI can include PMI if required but I don't see that as being the OP's concern.

[Pragmaticus]

Originally Posted by ColdinNYC

Looking for some clarification on the property tax homestead exemption...

Home purchased in September 2013.

Homestead Exemption application filed January 1, 2014.

Property taxes paid by the bank via escrow account.

When should I expect my monthly mortgage payment (PITI) to go down?

Will the bank be notified of the exemption?

Thanks!

When the bank recalculates your escrow requirement. That's probably end of this year or early next year. At that time if there is more money in escrow than needed (including the insurance for the coming year)you will get a refund too.

The bank assumes your tax liability is the same as the previous year--always. They adjust only when they get a lesser value in the next billing cycle.

[DUNNDFRNT]

Originally Posted by HWTechGuy

I fail to see the reference to PMI in the original post. Granted, PITI can include PMI if required but I don't see that as being the OP's concern.

Yeah, I read pmi since I am not familiar with the term piti, my bad.

[HWTechGuy]

Originally Posted by DUNNDFRNT

Yeah, I read pmi since I am not familiar with the term piti, my bad.

Understood. Only reason I knew is I just dealt with the same situation as the OP and am waiting for my lender to adjust my payment down based on the new tax amount.

[bavariantransplant]

Great post, thanks for asking OP.

[PhotoProIP]

It will be recalculated in November; same boat here. They offered us 2 options:
1. Put more money NOW in the escrow acct, and keep the payment as is.
2. Increase payments by $100.

Just got that letter from the lender last Friday...