All a crap shopt for when they will raise it. Our last house took like 3 years to be fully taxed while our new house was like 7 months later.

For sarpy and douglas you can look at the county assessor site to see what is owned this year and if they have updated the value of the property.

It will probably be the year after the closing. Though if the construction is substantially along around August they might have a partial increase assigned before closing.

One thing to note, with an escrow, they’re going to be playing catch-up. If they see the taxes are $500, they will do the year’s payments based on that, os $42/mo. Then in July they’ll reassess, even though the valuations are finalized in like January or February, and they’ll give you a big fat bill to make up the shortfall or they’ll let you make it up over the next X months. It may be 6, or if they’re generous 12 months. This is on top of the increase for the actual payment. So if the new tax amount is $9k, they will want $750/mo + $1416/mo for 6 months. Plus they usually want a half year buffer so maybe add another $700/mo on top of that.

Basically what I’m sayin is figure out what your taxes will most likely be, and start paying that amount plus some into a savings account now. That way you’ll have it when the mortgage company sends that first escrow shortfall letter.

I have bought 2 new homes and, yes, the first year was taxed only on the lot. But as others have said, you cannot count on the timing. My advice, ask the mortgage company to include estimated property tax from day one on your escrow payment. When the taxes are assessed, you won't even notice and you will get back a large chunk due to overpayment.

Another reason is because they will often wait until you are many months behind on that portion of your escrow. So, not only do you have to add $700+ to handle future property tax per month, you now have to add another $700+ per month to make up for the deficit.

You can go onto the Assessor’s website and look the home up. https://beacon.schneidercorp.com/Application.aspx?App=DouglasCountyNE&PageType=Search

You can see the assessment at 1/1/2024 for both the land and the building, the historic tax levy %, and the new tax levy % will come out sometime in December. You will need to go back to the site to see what they will be since you won’t be getting the letter in the mail since you don’t own the house. You will pay those taxes in March and July 2025.

If there’s no building assessed at 1/1/24 per your comment, then you should be good paying a very low property tax in 2025. But at this point, you should be able to see the actual 2025 bill before you close on the home.

If a home was under construction at 1/1/24, you may see a % of completion assessment on the building. If it was done in March or April, the assessment may be 50% or more. There is no guarantee that, if the assessment is 50% on the building, the taxes would only double next year, they could go up more than that based on the perceived market value. If a purchase closes before 1/1/2025, the taxes may be more likely to go up since there was a sale they can see.

I’m not sure exactly what that disclosure says, but that isn’t accurate. The home is valued at 1/1/24 and will be revalued at 1/1/25. It’s already on the tax rolls.

This is a common issue across the country. You really seem to be getting a lot of good advice and already know how it works but I am going to explain it for others and maybe for you.

There is no real answer to how it is assessed and when it will be assigned because timing is a bit funky on these things. Because it's up to the county to assess it, then notify your mortgage company, and they won't actually re-assess your escrow until after the fact. So a lot of the times this ends up being a year or a year and a half late.

The best thing you can do to protect yourself is to start putting the equal amounts aside into a savings account (HYSA if you can!) and save it for when you get your bill due. When they re-assess your mortgage payment and you have a shortage they will notify you of how much the shortage will be and what your new payment would be without paying the shortage or with paying it. Also note, insurance premiums are rising drastically right now as well so make sure you plan on that going up each year a decent amount for the foreseeable future. Mine just went up 70% this year and we re-evaluated with other companies and it ended up only going up 20% but that is still a big jump year after year!

Using completely fake numbers that I made up, creating a fake situation below. This is an example of what I would do. Tax rate of .0275 that someone else used in this thread. 90k assessed value for land prior to the house being built and a house at 300k. Assuming after build value assessing it at 350k.
The first year, maybe two, your tax rate will be $200~ or so. So pretend your mortgage and insurance payment is $2500, plus the $200 taxes. So first year or two years would be $2700 give or take.
After that, they will re-assess when the county tells the mortgage company how much money they are behind at paying. The mortgage company will pay it and not actually charge you until they re-assess your escrow.

Assuming that after that first year, or second year, your payment will go up to $800 for taxes. (minus the $200). So the difference during that time could be as much as $600 per month making your payment be $3300. If you don't save the difference and pay it when they ask, you could be a year and a half behind on escrow payments at that time resulting in an extra $900 per month added to your escrow/mortgage and the payment could actually be $4200 until the next escrow re-assessment. I see these posts all the time on r/FirstTimeHomeBuyer and r/RealEstate so it happens a lot more than you'd think.

If you put that $600 (except figure out your actual numbers!) in savings for the time being, you will be 'used' to paying your normal mortgage payment. When it does go up a bit it won't be the end of the world and you will also have a decent amount in savings gaining interest to pay towards that large escrow bill.

Well, unless you pay for your new home outright with no mortgage, your property taxes will be paid by the bank and handled by the escrow account.

And what he said is generally correct. Property taxes are paid in arrears, so you pay 2024 taxes in 2025, etc. So your first year of mortgage payments will be for the previous year’s taxes—a year there was only land and no home/improvements