I pay taxes and insurance into escrow. My escrow payment increases every year. I get that. I always pay the shortfall in full just to keep the monthly payment as-is. But I've decided, this year, I'm going to just let them increase my monthly payment, because my escrow "shortfall", coupled with what they say is the required maintained minimum balance in the escrow account, is resulting in my monthly payment increasing by $150 per month. That is $1,800 over the course of the year. 

I know that our property tax is increasing by more than 10%, and that is after the massive increase already last year. They're giving me figures that indicate that my homeowner's insurance is increasing by roughly 20%. This is ridiculous.

I remember a very short few years ago, talking with a colleague at work, who lives in New Jersey and he was at that time contemplating moving somewhere down this way. We were discussing cost of living differences and I remember seeing property in New York where their property tax was over $4,000 and I was stunned.

Well... here we are, right smack in good ole' Georgia. My house is definitely below the median line in terms of local area housing values, and we are quickly approaching that same $4,000 line. Unreal.

I talked to someone in Jersey a few years ago, their property tax was my mortgage payment....ridiculous

(06-25-2024, 10:22 AM)Replying to Milldawg I talked to someone in Jersey a few years ago, their property tax was my mortgage payment....ridiculous

Salaries sure aren't moving anywhere near the same pace as is the cost of living... especially not where I am working. I just don't get it. It is no wonder that people are leaving places like California. They're paying more than $5 per gallon in gas, right now (so people who live there say). They have two working parents, dual income, and can't make ends meet.

Escrow is a scam. The lender wants to fully fund the escrow up front and then continue to fund it monthly. I paid my taxes and insurance out of escrow for years and it was the best way for me. The insurance company will let you pay monthly but doesn't collect the full premium up front and then charge you monthly. I deducted 1/12th of my property taxes from my checking account balance each month so I knew the money was in the account when the tax bill arrived.

(06-25-2024, 10:29 AM)Replying to JC-DAWG83 Escrow is a scam.  The lender wants to fully fund the escrow up front and then continue to fund it monthly.  I paid my taxes and insurance out of escrow for years and it was the best way for me.  The insurance company will let you pay monthly but doesn't collect the full premium up front and then charge you monthly.  I deducted 1/12th of my property taxes from my checking account balance each month so I knew the money was in the account when the tax bill arrived.

They even say that federal law requires there to be some percentage of cushion be in escrow, which for me is in the $800-$1,000 range.

Fortunately, we're about to be crossing that 65-line and our county allows anyone 65 and over to not be required to pay the school tax within your property tax, which is the most significant portion of the property tax. We'll be able to file for that exemption in January (I believe that is what they told me). So... knock on wood... this year may be the last year we pay the school tax portion. That will help.

(06-25-2024, 10:20 AM)Replying to RockmartDawg Well... here we are, right smack in good ole' Georgia. My house is definitely below the median line in terms of local area housing values, and we are quickly approaching that same $4,000 line. Unreal.

My property tax in Anchorage, AK is nearly $9,000.  There is no state or local sales tax so the city just takes it all out of property owners, and they use every slimy trick imaginable to always seek to increase the property tax amount.

(06-25-2024, 11:13 AM)Replying to Dawgalways

(06-25-2024, 10:20 AM)Replying to RockmartDawg Well... here we are, right smack in good ole' Georgia. My house is definitely below the median line in terms of local area housing values, and we are quickly approaching that same $4,000 line. Unreal.

My property tax in Anchorage, AK is nearly $9,000.  There is no state or local sales tax so the city just takes it all out of property owners, and they use every slimy trick imaginable to always seek to increase the property tax amount.

That's crazy. The cost of living and property up there isn't anywhere near that level, I presume? They must have an extremely high millage rate, or something. The level of services they provide can't be anywhere near that, either. I heard that Alaska used to actually pay people to live there. I guess that is the state government. Not sure how/where your property taxes fall into that.

(06-25-2024, 11:22 AM)Replying to RockmartDawg

(06-25-2024, 11:13 AM)Replying to Dawgalways

(06-25-2024, 10:20 AM)Replying to RockmartDawg Well... here we are, right smack in good ole' Georgia. My house is definitely below the median line in terms of local area housing values, and we are quickly approaching that same $4,000 line. Unreal.

My property tax in Anchorage, AK is nearly $9,000.  There is no state or local sales tax so the city just takes it all out of property owners, and they use every slimy trick imaginable to always seek to increase the property tax amount.

That's crazy. The cost of living and property up there isn't anywhere near that level, I presume? They must have an extremely high millage rate, or something. The level of services they provide can't be anywhere near that, either. I heard that Alaska used to actually pay people to live there. I guess that is the state government. Not sure how/where your property taxes fall into that.

Alaskans get yearly oil dividends..the amount varies yearly.

One of the only good laws in commie California is a 2% cap on property tax increases YoY

Of course, that's been around for decades; otherwise the current govt would never allow such a thing

(06-25-2024, 11:40 AM)Replying to McDonoughDawg

(06-25-2024, 11:22 AM)Replying to RockmartDawg

(06-25-2024, 11:13 AM)Replying to Dawgalways

(06-25-2024, 10:20 AM)Replying to RockmartDawg Well... here we are, right smack in good ole' Georgia. My house is definitely below the median line in terms of local area housing values, and we are quickly approaching that same $4,000 line. Unreal.

My property tax in Anchorage, AK is nearly $9,000.  There is no state or local sales tax so the city just takes it all out of property owners, and they use every slimy trick imaginable to always seek to increase the property tax amount.

That's crazy. The cost of living and property up there isn't anywhere near that level, I presume? They must have an extremely high millage rate, or something. The level of services they provide can't be anywhere near that, either. I heard that Alaska used to actually pay people to live there. I guess that is the state government. Not sure how/where your property taxes fall into that.

Alaskans get yearly oil dividends..the amount varies yearly.

Ahh, OK. I didn't know what is/was the source of that money. I just always heard that the state paid people to live there... I guess encouraging people to move there.

The Permanent Fund dividend by statutory formula should be more than $3K annually. It is kept at around $1K because the legislature steals the money to fund leeches and vote buying projects.

My property tax does not fund stellar services. The local government is worse than the state government and getting worse all the time. Every bum and vagrant is allowed to trash the city constantly with no consequences and at great cost to those who actually pay the bills.

(06-25-2024, 12:01 PM)Replying to Dawgalways The Permanent Fund dividend by statutory formula should be more than $3K annually.  It is kept at around $1K because the legislature steals  the money to fund leeches and vote buying projects.

My property tax does not fund stellar services.  The local government is worse than the state government and getting worse all the time.  Every bum and vagrant is allowed to trash the city constantly with no consequences and at great cost to those who actually pay the bills.

We humans are the same everywhere we go, so it seems. Liars and thieves and people with that sixth sense... entitlement.