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Property tax almost doubled after reassessment : RealEstate

Property tax almost doubled after reassessment : RealEstate


I plan on calling the lender and county tax accessor tomorrow but would definitely like some input from the redditors here in case I am just ignorant. I am a first time home owner and closed back in January. The following numbers are approximate just for ease. Each month $550 of my mortgage goes to escrow. I believe this is for property tax and home owners insurance. My property was just reaccessed and my monthly escrow fee is increasing by $450. Thats $1000 into escrow each month on a $450k purchase price. Does this seem right? Was there a mistake by the lender or county tax accessor? The reassessment letter shows that from months 1-6 there were no payments disbursed so I’m sitting on a escrow balance of $3600. I’m in LA county and according to http://auditor.lacounty.gov/tax-rate-area-lookup/ my tax rate for 2018/2019 should be 1.196046%. Shouldn’t this make my monthly towards escrow about $448.51? Any insight would be helpful, thanks.



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