June 6, 2023

How to budget for a property tax spike

 

If you’re facing a property tax spike in 2024, we can help you budget for it.

Thanks to our Voluntary Prepayment of Property Taxes (VPP) program, you can start saving now for your 2024 property taxes. Here’s how it works.

Voluntary Prepayment of Property Taxes program

  • Currently, part of your monthly mortgage payment goes into your escrow account
  • Your escrow account pays your property taxes
  • By opting into VPP, for a limited time, you can choose to make: higher monthly mortgage payments or a one-time lump sum payment
  • The excess funds go into your escrow account to help offset any increase in your 2023 property taxes

Payment options  
To help limit potential escrow shortages in 2024, VPP is based on your updated property valuation. Reminder: If there’s not enough money in your escrow account next spring to pay your property taxes, you have the option to pay the shortage:

  • In one lump payment or
  • Increased monthly mortgage payments for 12 months

Let’s talk
We want to help you plan for a possible tax increase. To start the VPP process, email a copy of your estimated 2023 property tax statement to MortgageLoanServicing@ent.com.

For questions or more details about the optional VPP program, please reach out to us at: