Eventually, my monthly escrowed taxes will eclipse my mortgage payments.
That’s not a comforting thought, but it’s going to happen.
What does that mean?
If you escrow your taxes, your mortgage bill will likely climb each year thanks to tax hikes.
You didn’t improve your property last year? You don’t have children who attend local schools? That doesn’t matter. Your tax bill will likely inch higher, each year.
How much higher? Well, that depends on your school district’s millage rate.
Property taxes are calculated using county, municipal and school district millage rates. School district taxes make up the lion’s share of the bill.
Click here to check out the re-designed “Housing snapshot” to find out how to calculate you share of the tax burden.