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Construction to be completed in 2013 April. Property taxes scheduled to be taken into escrow monthly

my friend says from April 2013 to Dec 2013, i should be paying the taxes on the land only. But my mortgage company says it'll be property taxes @ 2.64%. who is correct?

Thanks
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November 01 2012 - Dallas
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I believe it depends on when the county gets around to assessing your property.  Even though construction will be finished in April the assessor may not get to it until June or July.
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November 01 2012
You'll probably have to pay on the improved value, not land only.
You'll know when the appraisal statements come out in May.
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November 27 2012
If building permits were issued on or before Jan '13 it is likely the tax assessment that comes out in May will be for improved property. If lender is requiring you escrow ( 81% or more loan to value) they will collect based on improved taxes. If you have the option of doing your own escrow and assessment turns out to be based unimproved property, you could benefit by having much smaller tax bill in mid Oct when '13 tax bill comes out.
Bottom line if it turns out lender collects for improved and tax bill is for unimproved, you can request refund from overage in your escrow acct in Feb of '14.
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November 27 2012
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thank you wayne, you couldn't answer it any better!!!
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December 11 2012
 
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