Property Tax Question

[Bryan]

We moved into new construction last March. We got our county tax bill a few months ago, and I noticed it seemed awfully low. I figured it was just a goof and would work itself out by the time our mortgager paid the taxes (we escrow). Lo and behold, I received a refund check from my mortgager last week for "Escrow Overage". I have since checked with my neighbors and found their taxes to be about 4 times higher than ours, and we all live in cookie-cutter houses (same size land, same model house). Here are my questions:

1. Do I need to contact someone to come and re-assess the house? Who?
2. If I do not contact someone, am I responsible for back taxes if they find a mistake down the road?
3. Am I a bad person for thinking about keeping my mouth shut on this? Would I be breaking any laws by doing so?

 

[vi edit]

New construction takes anywhere from 12-18 months for the full assessed rates to kick in. You don't pay on it during that time.

But, be smart and bank away what you think they will be worth since you aren't paying into your escrow right now and you'll be in the hole when they do kick in. When that happens they'll re-adjust your escrow and really jack up your payment until you catch up.

If your taxes will be $5000 a year, start stashing away $420 a month right now so you can use that to boost the escrow in a year.

 

[waggy]

boy you should have been told about this before you moved in.
But vi_edit is right. it takes a w hile fro new construction to be fully assessed.

 

[sjetexas]

The first year on new construction you are usually only paying taxes on the land. They will reasses the next year with the house. That's how it worked on mine anyway

 

[rmrf]

you should be able to use the gis for your county. mine is located online, and I can see what my neighbors taxes are, as well as if they paid them and the assessed property value. all you need is an address.