Submitted by Marshmelanie t3_y29j4w in personalfinance
Hello! My mortgage was recently transferred to Chase this month and somehow my monthly payments went from $1319 to $1873! In a panic I called Chase to figure out why my payments have gone up so drastically. They told me there was nothing I can do because my county taxes are what has gone up. Is this normal?? Is there really nothing I can do about a 42% increase? I don’t even know how or why the county taxes can possibly go up that suddenly.
This is my first home and I’m just now coming up to being in my house for a year, so maybe I am just green and don’t understand how this works. I’m hoping someone here can either help me understand why, or if there is something I can in fact do about this! Please let me know!!
UPDATE: Thank you everyone who helped me figure out what I had to do! I finally solved the issue!
I called Chase and the county Treasurer, it turns out Chase was grossly overestimating my property taxes. They estimated my taxes to be ~7600/year and when I spoke with the county they told me my taxes would be ~2800/year.
So yes, my taxes did go up because they were taxing me on a bare lot last year and this year they will be including the home. But, there was a mistake on Chase’s part when it came to estimating the tax amount. It probably wouldn’t have been caught had I just accepted it!!
-Also on a side note, I have filled out the proper paperwork to make my residence my primary residence! Thank you to everyone who suggested looking into that as well! ❤️