Co-op taxes & escrow disclosure
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….
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!!
We just got the same letter from the bank and we’re a fairly big not self managed coop. I hear a bunch of co-ops are being hit badly by the city with taxes.
Go online to the City’s website and look at the building’s property taxes. You can figure out if the bank is accurate on the amount needed or whether it is over-withholding.
monthly contribution to escrows are usually recalculated annually. So tax amount had been going uo, was paid and bank is now estimating how much more will go up and how much you need to replenish escrow. You should just go to city website and look up your tax amounts. What was paid and what is annual amount.
monthly contribution to escrows are usually recalculated annually. So tax amount had been going uo, was paid and bank is now estimating how much more will go up and how much you need to replenish escrow. You should just go to city website and look up your tax amounts. What was paid and what is annual amount.
Our taxes doubled this year so we had to make a payment to NCB to cover the shortages. Coops and Condos pay asignificantly more than 1-3 family housing in this city for property taxes.