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Rising Star
Municipalities generally look at value when ownership changes but not when there is a refinance. May also look at it if building permit is filed and significant improvements are made. Obvs they also do assessments for all properties each year for changes in value but that is based on the overall market not each individual house.
MD thanks for sharing these details, this is very helpful to know. This is the second year as owner so a lot to learn!
Refinancing, and an appraisal during the process, has no bearing on your taxes. At least directly. Your county will get the note about the new mortgagor and the outstanding loan. The details of the loans - terms, rates, LTV - are not public information.
What will potentially happen: as similar homes are sold, the county will use that as comps to assess your home at year end. If your appraisal came in higher, likely recent sales will reflect it. And, cue, increase in tax.
I would not think a refinancing would affect property taxes. I suppose it is possible in some places? Where are you located?
I refinanced twice in last 2 years and it did not impact my taxes.
I’m based out of Massachusetts.
Taxes are assessed annually and I’m fully expecting it to go up next year. My home value has increased $150K in 1.5 years.
20K is lot of tax, what’s the value of the home now ?
The appraisal is usually different then the towns own assessment. I live in long island and the town has a higher assessment then what I paid for my house. Granted there is a history of grievances and a 5 year reassesment was frozen due to COVID here so it may not apply to you. They usually look at sorounding comps and not just your house and do take into account the higher then average selling prices the last 2 years.
Ohh really, town assessment higher than the price you paid for the house? I have the opposite, ~40k lower than the price I paid for the house. In that case the taxes would have been even higher…really crazy…I have not heard of any frozen due to Covid so I will see what will come next year…