Wednesday, March 14, 2012

Mortgage Payment Change

I know its not a big to-do, but I got a notice in the mail that my property tax will be decreasing! Last year I sent in a form because I was a homeowner living in my residence. This simple fact qualified me to reduce my property value by $5,600.00-- roughly saving me $57 dollars a year.

Its a free form to fill out, you just have to mail it in and return it, it takes some time, but it looks like i'll be getting a small check from BOFA for the amount I've paid into my exrow account for this year that's too much, and the county should be issuing me a separate check for the overage that I was charged that was already removed from my escrow account.

So my mortgage payment should drop by about $2 a month. I know its not a big drop in the bucket, but its something. Next year the credit expands to $7,000.00 and stays on file for as long as I live in my property.

In case your still wondering, Back in August I contested my property value based on a sale of a 1 bedroom condo in my unit in early 2011. I still haven't heard back from the County about attesting my property tax to the $115,000.00 level from the $120,903.00 they currently have my property at. If I don't hear back from someone in 2 years, they automatically have to reduce my property tax level to $115,000.00.

I'll probably call and speak with someone in their office just to check up since its been almost 7 months.

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