Homeowners encouraged to review mortgage tax escrow accounts
Posted on: September 20, 2016 - 5:13pm
CITY OF WOONSOCKET, RHODE ISLAND
Office of the Tax Assessor
Elyse M. Paré, City Assessor
FOR IMMEDIATE RELEASE
September 20, 2016
Contact: Blake Collins, bcollins@woonsocketri.org, office: (401) 762-6400 ex: 2963, cell: (508) 838-3371
Homeowners encouraged to review mortgage tax escrow accounts
WOONSOCKET, RI: Due to a drop in residential taxes during the 2017 Fiscal Year Budget, the Office of the Tax Assessor is encouraging city homeowners to review their monthly mortgage payments for potential savings. Residential tax rates for the current tax year were lowered from $36.58 to $31.84 per thousand. Residential homeowners saw a tax savings this year, which can positively impact their mortgage payments.
“Most major mortgage companies do an escrow analysis during the months of September and October,” said Woonsocket Tax Assessor Elyse Paré. “This is when they review the July issued tax bills and make modifications on the existing escrow account, which in turn impacts the owner’s mortgage payment. With all residential tax bills decreasing this year, an escrow analysis may result in a decreased monthly mortgage payment. Based on calls our office has received, residents are already seeing the benefits of the tax decrease in the form of lower monthly mortgage payments.”
City homeowners are encouraged to contact their mortgage company and inquire about a possible escrow adjustment, if they have not noticed any adjustment already. Staff at the Woonsocket Tax Assessor’s office is also available at (401) 767-9270 or assessors@woonsocketri.org to answer any questions that residents may have regarding this issue.
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