03/27/2024
Hi friends that are property owners with homes in Hamilton County, Ohio.
Under state law and Department of taxation rules, real property in all counties is reappraisal every six years and property values are updated in the third year following each sexennial reappraisal.
With the recent property tax reappraisal that happens every six years your escrow amounts could have a shortage which will start on your May 1st payment.
You may have already received communication about this but if not I would suggest reaching out to your mortgage company.
You have two options:
1. Let it ride and they increase your payment to adjust
2. pay the shortage amount- payment may still increase but will be less monthly than option 1
There is absolutely no requirement to do it, just depends on your comfort level from a payment standpoint to either spread it out over time or pay it to get the lower monthly payment
