Increased Property Values Announced for Franklin County in 2021
The Franklin County Assessor's Office has released a statement announcing that property values county-wide are expected to increase approximately 10% on average. This increase will affect all classes of property, including residential, agricultural, and commercial properties. For more information regarding the 2021 Assessor's Report, please click here
to be directed to their website.
For questions/concerns with how your escrow account may be impacted by the 2021 property value assessments, please contact your UBU Lender or a UBU Escrow Specialist at 636-583-2555 or submit a Contact Inquiry Form and we will be in touch. See below for additional information regarding escrow accounts and how you may be impacted.
Frequently Asked Questions Regarding Escrow
What is an Escrow Account?
Escrow is an account you fund each month as part of your monthly payment on a loan, commonly a mortgage loan. Money is safely stored in this account until property taxes and insurance premiums are due. This account allows you to save up these funds over time. Escrow accounts are often required when applying for a home loan. For more information regarding specific loans or circumstances that require an escrow account, please contact your United Bank of Union Lender.
What Does My Escrow Account Have to Do with Property Value Assessments?
Your escrow account holds funds for your insurance premiums and yearly property tax bills. The yearly property tax bill is calculated based upon the value of said property. This means that if property values have increased for your area, then your property taxes will also increase.
If Property Values Have Increased, Will the Escrow Portion of My Payment Increase?
Escrow accounts go through an analysis each year to update a customer's monthly payment.
As a general rule of thumb, if property values have increased, then additional escrow payments may be beneficial to the customer. Increasing monthly escrow payments right now could help customers avoid being short at the end of the year and having to provide additional funding to cover a potential shortage.
How Do I Adjust My Escrow Payments with a United Bank of Union Loan?
To learn how escrow payment adjustments may benefit you, please contact your United Bank of Union loan officer. Contact information for each lender can be found on our Loan Officer's page. We are more than happy to conduct an escrow review and help determine if there may be a shortage in your escrow account as the year progresses.