[Jill F]

The 2010 tax year will be my first full year as a home owner. I never really understood how the process worked and was hoping for some insight. I’m looking at my current Mortgage Loan Statement and wanted to see what I could expect to receive back (hopefully) in my taxes when I file. I pay my escrow monthly with my principal and interest payment. I pay $337.98 monthly to my escrow. Property/school/city/etc taxes are (to my knowledge) roughly $3,000 yearly. Does that mean that, after paying $337.98 monthly for 12 months, which totals $4,055.76, I can expect to receive $1,055.76 back? If not, a better explanation would be appreciated. I like to plan ahead so I know what I can reasonably expect at tax time.