I opened up a letter last week from my bank concerning my mortgage. Each year our monthly bill is adjusted for our escrow account that takes money out to cover property taxes and homeowners insurance. Usually it’s a few dollars more a year. It very rarely goes down.
This time, I didn’t even know what I was looking at because the number was so much more than we had currently been paying. It was over $230 more a month. I was shocked.
Property Tax Increases
At first I though my actual mortgage might have went up, but we were locked into a fixed-rate mortgage. Then I saw the difference was my escrow, and how we were short a significant amount of money in the account because our taxes SKYROCKETED.
Utilities Have Been Increased By SWLP
Talk about pouring salt on the wound. Inflation is out of control. Our utility bill has significantly increased from SWLP. A few years ago we had to start paying for garbage (even though they always said it was included in our property tax.)
Residential property values increased dramatically. If you know anyone who’s tried to buy a house recently, it’s nearly impossible to find anything decent for under $200,000. This has brought home values up, and when the city recalculated the taxes, it was quite the swing.
Read More: Why Your Insurance Cost Is Skyrocketing
For example, our home value was around 100k before we were reassessed. Now it’s over 200,000k and that’s without them even taking a look inside. So my taxes just about doubled.
Insurance Costs More
My homeowners insurance went up a $100 bucks a month too, and my vehicle insurance went up around $80 a month. It’s going up nationwide, but Minnesota and Wisconsin are among states that have seen the highest increases in insurance cost.
Mayor Jim Paine Even Surprised By Increase
Mayor Jim Paine addressed the changes in the tax bill right before Christmas, saying he didn’t expect the huge increase for many residents. Many homeowners won’t see their adjusted escrow balances until the 1st quarter of 2025. We knew we were going to be paying more, just not this huge jump.
Residential properties took the brunt of the increases, and he’s looking to have the city re-evaluate commercial properties to help cover the burden. He also offers the number of the County Treasurer to help set up a payment plan. 715-395-1348
Taxes + Insurance Skyrocket For Many Superior Homeowners
