I live in a new residential development, so new that only 5 of the 16 houses on my street are finished. The city has sent us letters saying that our specials are going to go up as they install street lights and other construction around our neighborhood. Currently our specials are lumped in with our mortgage, which was assessed late last summer.
When should I expect our monthly payments on our mortgage to go up as the city finishes the neighborhood? Will it happen automatically when they are done with the construction? Will it happen automatically at the start of the next year? Do I need to go to the bank and have them reassess our mortgage so that it can be taken out?