Posted on: 26th Oct, 2009 01:12 pm
if i going to refinance my loan of my home that i brought it from the seller which was below the market value (say $300000) in 1998. right now the market value goes up to $600000. when i do the refinance now with the bank, will the appraisal value be recorded in the local tax board and bring up my property tax every year?
Every State is different. In California, the maximum my property taxes can increase each year is 2%. That's because of a bill we voted in called Proposition 13. Which State do you live in?
the fast answer to the question is "no." taxing authorities have sufficient weaponry at their disposal to know the value of properties as they change. reassessment is done periodically to evalulate the current marketplace and tax rates are changed in a similar vein. your appraised value has nothing to do with your taxation, except that the taxing authority may already recognize that value is where you've placed it to begin with.
