1.Most large out of town banks (Citizens, TD Bank, PNC, Bank of America) are using a contractor to pay real estate tax bills. Wells Fargo and the local banks are working directly with Revenue.
2. BRT has already provided the banks or their contractor with data files of property owners who filed appeals with the BRT and are eligible to pay the same amount of tax they paid last year, pending the outcome of their appeal.
3. BRT will provide the banks or their contractors data files of property owners who are eligible for reduced payments under the LOOP program in April 2014 (after all of the applications have been processed)
4. Property owners who have filed with the BRT can approach their bank and ask that they escrow based on last year’s bill pending the outcome of the appeal. Be aware that this could lead to a large increase in the escrow if the appeal is denied. The alternative is to pay the higher escrow now and file for a refund if BRT reduces the assessment.
5. Revenue is finding that, in some cases, the banks have not educated their call center employees on these details. BRT staff has already spoken with some banks when they learn that their staff members are giving incorrect information
6. If you are contacted by property owners with specifics on incorrect information they received from their bank, please forward the property owner name, a way to contact them, their bank, and their specific problem. BRT has offered to speak with banks where there is a legitimate issue.
7. Property owners or their mortgage holders can apply for a Refund using the attached form. If the bank pays a pre-LOOP bill and won’t adjust the escrow to reflect the reduced amount owed, property owners should file for the refund.
8. Decisions on escrow payments are made by the mortgage holder and not the City. Property owners should appeal to supervisors at their bank if they are dissatisfied with the answers they are receiving