In a nutshell, here's what's going on. During the recession from 2010 up to say 2014 the overall SEV owhich is the state equalized value and then the taxable value as well dropped dramatically due to the house prices decreasing in some places up to 50%. What is happened over the last two years is, the market has increased so dramatically in some areas with over a 40% increase, every time a property is sold in any given city or county, that processing department receives a notice. As more homes start to sell for a higher prices, those cities and counties start to reevaluate the state and taxable value. Once this happens, Taxes start to rise quite quickly.
The reason that you're getting shortages, is because of the following. Let's say for example your tax increase in 2016 was $800 for the summer and $200 for the winter. The mortgage company will automatically predict that the increase will follow forward for the next tax year. Once they do an escrow analysis like every lender does every year they will send out a letter stating that they expect your escrow account to have a shortage due to the tax increases for that given year. The lender has to automatically hold a small cushion in your escrow to make sure that the increase is covered.
My taxes have been increasing for the last 36 months I have gone up over $1800
My 99% guess is....the reason why you're seeing such a large increase in taxes, is because your taxable value has become uncapped. For example, if you bought a home from someone that has lived in owned it for say 20 years, the taxes are capped and It can only go up so much per year. Once that house changes ownership that Comes off, which allows for all the new increases to take affect. If you call the county assessing department they will explain this to you, and I'm pretty sure they're going to verify what I just said.
Hopes his help.
