I bought a home last year, I got a letter from my mortgage company saying my monthly payment will go up almost $300.00 because of taxes, help!

Asked by Shay Navarro, Corona, CA Fri Feb 26, 2010

I closed on a home March 10th last year located in Corona/Eastvale area zipcode 92880. We bought the home for $305,000 on a 30 year fixed loan. Earlier this month I received a letter from my mortgage company that stated my loan/escrow account was reanaylzed and there was a shortage in the escrow of almost $700.00 and the payment would also be going up per month almost $300.00 to cover the rise in taxes.
I talked to my realtor and he said something doesn't sound right since we bought the house for $305,000 as a forclosure from the bank, the last owner had paid $510,000 for the home. I believe the bank had bought the home for $280,000. My realtor thinks the taxes should have gone down not up, last year taxes were $3,810 for 2009, this year $5,402. I know there are special taxes applied by jurupa district for mello rouse, 30yr bond. I spoke to them and they said that those amounts wouldn't fluctuate that much to make that big of a difference on the property taxes. ANY HELP?

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Hena Martin, Agent, Hot Springs, CA
Fri Jan 25, 2013
Tax man ,please call the county tax accessor's office you may find a helpful person who will explalin why this change has the property gone up ,if that is the case you sure will find out ,HENA MARTIN BROKER
0 votes
Kim Kershaw, Agent, Corona, CA
Fri Feb 26, 2010
Shay,
I wanted to add that the Riverside County Assessor's Office began the daunting task of re-assessing all properties in Riverside County in 2009. They understand that property values have decreased and believe it or not - they do not want you paying property taxes based on the higher prices from the past market.

Larry Ward - the County Assessor - has posted great information regarding Prop 8 - the Prop 8 about property taxes - and I have placed the link below.

If you have any further questions, don't hesitate to contact me.

Kim Kershaw
CA DRE#01269933
951-515-4002
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Kim Kershaw, Agent, Corona, CA
Fri Feb 26, 2010
Shay,
The Riverside County Tax Assessor assess properties once a year. At the time of the assessment on January 1, 2009 your home was being assessed at the previous purchase price value. The taxes that were planned on and impounded when you purchased were based on your lower purchase price. So - when the bank received the property tax bill from the county - it was the tax based on the higher amount. The new property tax bills are not out yet but when they do come out the value should be based on the purchase price you paid in March of 2009. Any amount over-paid since your purchase will be refunded to you. The proper tax amount will be "retro-active" to your date of purchase.

In past years, when home prices were going up, you would get a supplemental tax bill because you paid a higher price than what the home had been assessed at the previous year. That was very painful!

At least this way, with the value decreasing from the previous purchase price, you can look forward to some money back!

Hope this helps.
0 votes
Shay Navarro, Home Buyer, Corona, CA
Fri Feb 26, 2010
just checked closing statement there was $953.13 in the impound account but at closing I also recieved a refund check for 943.000. I will call Riverside county assessor monday. When I talked to Jurupa communty services district, they told me that it may sound like my lendor had pro- rated my county taxes for 2009? When I look at closing statement there is a prorations on county taxes from 3/10/09-7/1/09 for 1905.23, which is also the same amount that my mortgage company told me what was due for county taxes for 2009. If this is the case of the lendor not doing the right calculations, would every buyer go through this the first year because the county taxes would always be prorated according to the month you closed? And then your taxes would go up the following year? What a mess and big headache!!
0 votes
Connie Bramb…, Agent, Rancho Cucamonga, CA
Fri Feb 26, 2010
Hi Shay,
Your base taxes for that area of Corona are about $1.10 per 1000 which is roughly $4000 a year. then you have the mello roos tax on top of that. Mello roos of $1400 a year does not sound too out of line to me fo rany new area. Sounds about right. The thing the puzzles me is your ender not collecting the proper amount from the very beginning. They get the tax info during escrow on the mello-roos and calculate the base tax for your new payment. It really should have been right. I think the bill you are getting sounds right on. Check your closing statement and see what the lender charged for your impound reserve. that will tell you how much they calculated for your taxes. It sounds to me like the lender made an error in the original calculation.
They should have known what your taxes should an collected that amount. IF that is the case, you will need to adjust to the new taxes because that is just what is! this type of thing does not happen too often but it really sounds to me from what you have told us that an error was made that needs to be corrected.
Let us know how things go fo ryou with it.
Connie Bramble
714-337-8718
0 votes
Jane Grant, Agent, Aguanga, CA
Fri Feb 26, 2010
Shay: The property tax bill needs to be reviewed. Go here to review your bill. https://taxpayments.co.riverside.ca.us/Search.aspx

Then go to the Q and A for Supplemental here: http://www.treasurer-tax.co.riverside.ca.us/supplement.aspx

Here is a link to the locations of the assessor's office locations, http://riverside.asrclkrec.com/acr/LO.asp

If you think your property was not appraised correctly you may want to go there in person. They have forms for you to fill out.

Your Realtor can help you with this.
Web Reference:  http://www.soreal.biz
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