Did you hear Washoe County Residents? An…
Did you hear Washoe County Residents? An article from KRNV’s Bill Frankmore stated,”This week and next, County Assessor Joshua Wilson is sending out updated home assessments on every parcel in Washoe County. The majority of homeowners will see significant decreases in their property value, which in turn will lead to lower property taxes come July. In addition…”Due to the wild ups and downs in the real estate market over the past five years, assessments will be done on an annual basis, Wilson said. Prior to his administration, assessments were done every five years.”
I know some of you are saying tell us in plain english Vic what is he saying? Basically if your monthly payment includes your taxes and insurance every month your payment is going to be changing in 2010 and possibly 2011,2012,2013… you get my point.
This is great news and no so great news. It depends on how you look at it and understand what it can do to your monthly mortgage payments. For many of the 1st time home buyers escrow was one of the items that your lender failed to thoroughly discuss with you before you signed the dotted line repeatedly and thought your hand was going to fall off. Many of these 1st time home buyers only cared about the bottom line of what’s my monthly payment going to be so I can go on with my life and still buy my starbucks, redbox and put petro in my grocery getter.
Your mortgage payment for most of us consists of your principal and interest and ESCROW. Escrow is the piggy bank your mortgage lender puts aside to pay your property taxes and home insurance. If you are a homeowner you probably received an escrow analysis statement for this year and read that you had to send more money to bank because of a shortage in your escrow account~ I can testify a statement many did not like seeing right before the holiday season.
Well I discussed earlier that this news was good because for the majority of Washoe County Residents your 2010 escrow analysis statement will state you have an overage and the bank will owe you money because you overfed the piggy bank.
The bad news is that prior years your property was only assessed every 5 years so you could predict your monthly housing payment would remain the same. If you are an individual who hates change and loves a predictable payment if house values follow a path of a roller coaster more will cause more frustration for homeowners.
What are your thoughts?
Vic Delossantos's Blog 
susanhillpr 10:16 pm on November 18, 2009 Permalink |
I think this would be more of a positive than negative, since home values have declined and most people will owe less or be receiving refunds — an ironic bright spot in the deflating of the housing bubble, perhaps. Thanks for this interesting angle on the world of mortgages, Vic!
Nitin Kohli 12:42 am on November 19, 2009 Permalink |
Good job on the blog Vic.