We've already gotten our tax assessments for next year for our house.  Have you checked King County Parcel Viewer?

Property tax is one of those really unpleasant subjects, don't ya think?! Anyhow, it sounds like you have an impound account. Lenders notify the tax collectors about which properties they retain an impound agreement for. Once the tax collector's office is aware of this, they forward all property tax bills to your lender for settlement. From the amount collected each month from you, the lender pays your property tax bill for you, and you should receive an informational copy of the property tax bill beforehand.

 

When you bought your condo and arranged for the impound account, you agreed to have the lender handle the property tax for you. So, if you want to confirm the process, you should contact your lender for any inquiries you might have about your property tax bill.

Hey Matt,

 

The current taxes are based on the entire condominium complex because it is new construction.  To figure the 2007 taxes for your unit, they divide it by the number of units in the building and pro-rate at closing.  This calculation is not an accurate representation of your future taxes.  Your lender uses a formula to estimate future taxes and that is the basis for your impound account ($345 per month as you described.)

 

The 2008 tax bill will be sent to your lender around February next year.  The new tax bill will should have an accurate assessment of your individual condominium. I emphasize should because I've actually seen it a few times where it somehow got skipped, and homeowners have paid the lower amount for an additional year. 

 

Also, you should know that your escrow account is analyzed once per year to make sure that they are collecting the right amount with your mortgage payment. If you have a substantial overage, they will usually give you a couple of options:

A.  Leave it there for future increases. 

B.  Cut a check to you for the overage. 

Personally, I would choose:

C. Apply the overage to my principal balance.   

 

Hope this helps!

 

Pam