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/u/MisterHibbert
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My wife and I completed and closed on a new construction home last January 2024 in FL. The tax assessment for the previously empty lot was ~$350 the last few years; however, our mortgage company estimated our 2024 property taxes to be $10,400, which was applied to our monthly mortgage payment and placed in escrow. The issue we're facing now is, when the county completed their annual property tax assessments in June 2024, they still assessed our property taxes as $350 even though our new home was 6mos old by that point. We just received a notification from our mortgage company that we have a escrow refund of ~$10,000 for overpayment in 2024, and we're unsure if the County Tax Collector's Office could come back and retroactively revise their 2024 assessment of our property or if our escrow refund is free and clear. Our mortgage company has still correctly estimated our 2025 property taxes for ~$10,000, so there are not any tax adjustments to our monthly mortgage payment; however, the county won't conduct their 2025 tax assessment until June. Our neighbors appear to be in the same boat as us.
We plan to deposit our refund in our savings account and leave it untouched for months, but how long will we need to wait in order to be sure we won't owe back taxes for last year?
I posted this question last week to the r/homeowners and r/personal finance subreddits as well, but I didn't receive any response.
submitted by /u/MisterHibbert
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2024 Tax Assessment and Escrow Refund for new construction in FL
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We plan to deposit our refund in our savings account and leave it untouched for months, but how long will we need to wait in order to be sure we won't owe back taxes for last year?
I posted this question last week to the r/homeowners and r/personal finance subreddits as well, but I didn't receive any response.
submitted by /u/MisterHibbert
[link] [comments]
2024 Tax Assessment and Escrow Refund for new construction in FL
Continue reading...