I was granted a full tax exemption and received a refund from my escrow account, but the refund was less than I expected. Why?

If our recent annual escrow analysis found a surplus and you received a refund, there are a few possible reasons it was less than expected.

For example, if your escrow account is also set up for other expenses like homeowner’s insurance and/or HOA fees, one or more of these other expenses may have increased.

In addition, a tax refund will be impacted by the effective date of the exemption. If you received a 100% tax exemption effective June 1, 2023, the escrow portion of your monthly payment will be updated at that time. However we may need to retain funds previously collected to in order to cover property taxes due for the period ending May 31, 2023.