For home refinance, will my property tax be increased if my property value has been increased?
October 15th, 2010 | by admin |
My property value for property tax is about 500k and the market value is about 650k. If I do refinance now, will my property value for tax will be jumped to 650k? I am in CA. Thanks.
Refinancing should not affect property taxes.
In most states (but not California), if your property value has increased, then the property tax will increase as a result at some time (usually the next revaluation by the tax assessor), but not as a result of refinancing.
3 Responses to “For home refinance, will my property tax be increased if my property value has been increased?”
By waggy_33 on Oct 16, 2010 | Reply
The decision for the lender when you are refinancing is based on many factors one of which is the value of the property. The appraisal that is done for the refinance does not go to the local tax people, they do their own appraisal periodically.
If the local tax assessor says the value of the property has increased then the property tax will increase unless they lower the tax rate. In MD the state appraises property every three years and the taxes go up or down based on this. A taxpayer can protest the appraisal if they feel it is in error.
Don’t let the fear of increases in property tax keep you from saving money on your mortgage.
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By tro on Oct 16, 2010 | Reply
if the county assessor has revalued your property, higher, yes, the property taxes will be increased
References :
By StephenWeinstein on Oct 16, 2010 | Reply
Refinancing should not affect property taxes.
In most states (but not California), if your property value has increased, then the property tax will increase as a result at some time (usually the next revaluation by the tax assessor), but not as a result of refinancing.
References :