Under previous law, escrow accounts kept funds for a full year. The new law has escrow keep funds for 6 months. An overbalance occurs in the account and it is this amount being returned. Call your mortgage holder and ask if you have paid property taxes in advance into an escrow fund. If you paid 12 months in advance, as is customary, you are entitled to a rebate.
Some exclusions do apply.
Find out how much your rebate will be, please refer to the Calculate Your Rebate Page . The law itself becomes effective July 1, 2000. The counties, and subsequently, the mortgage companies then have to implement the law. Each lender conducts an annual reconciliation of escrow accounts, usually performed during the fall of each year. Rebates will occur as a result of this reconciliation statement.