At least in Mercer County, we are starting to receive increase notices from the auditor’s office on property tax increases. If your insurance and property taxes are escrowed, you may want to talk with your mortgage company about doing a midterm escrow analysis. This may help avoid a large amount due at the end of your escrow term. If you do not adjust your monthly escrow payments, be prepared to pay the escrow shortage as a result of the increased insurance premiums and tax notices.
