My wife and I closed on our new home on 12/06/16. The property value was calculated based only on the un improved lot value of $7785 (this is a new construction in texas). That equates to roughly $19/mo in taxes.
The value of our home as of 1/1/17 is $236336. We pay the P&I and tax of $19.
Come Jan 1 2018, is the bank going to require us to pay back taxes on the home value as of 1/1/17(roughly $6000) or will the mortgage just increase by $500/mo?
We're prepared for the worst case scenario, but this is our first home and are curious.
Thanks
Read more: Will I owe back property taxes?
