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We are a small self-managed co-op. We pay our property taxes through the bank that holds our mortgage. Our monthly payments have been quite steady for several years. We just received a notice–”Annual Escrow Disclosure Statement”– stating that this month we have to make a large lump-sum payment, apparently to replenish our tax escrow account. And then going forward our regular monthly payments are also going up a bit.

I left a message with the bank–their voice mail said they were receiving “high call volume” as a result of the “new NYC escrow analysis.” Can anyone shed some light on this? Does this mean our building’s property taxes have just gone way up? Or that we somehow have to “prepay” more into the escrow account rather than spreading it out month by month? Do we have any recourse to contest an increase?

I’ve left a message with our accountant, but in the meantime thought I’d see if anyone here had any insights…

Thanks!!