While I was paying my mortgage for the month, I noticed my escrow account shrunk... which means that my first installment of my property taxes was deducted from my account and paid for me by the bank.
So, I went to the County's website and looked at the bill. (since the bank takes care of it, I never see the bill for myself so I wanted to look at it.)
They value my property (structure and land) at $155,000.00
But I just paid $120,000.00 for it a few months ago. Can that be right? Can they charge me taxes on it for $155,000.00 or shouldn't they be charging me taxes on the 120,000.00 i paid (after all that was the assessment?)
If its really worth $155,000.00 and I only owe $117,500.00 that means I shouldn't pay PMI right?