live in illinois
2007-02-24 02:46:48 · 5 answers · asked by jay G 1 in Business & Finance ➔ Renting & Real Estate
No. A new tax assessment is made only when you sell the property or make a major improvement to the property.
2007-02-24 02:48:33 · answer #1 · answered by Plasmapuppy 7 · 0⤊ 0⤋
I agree with the other answer your real estate taxes will not go up however in some cases if the name changes then the taxes may go up. Three fa miles who owned a cabin, when title was transferred to the two families the tax assessor was able to reassess the 1/3 interest that we gain.
2007-02-24 03:25:54 · answer #2 · answered by GoldieRetriver 3 · 0⤊ 0⤋
No...property taxes are based on "assessed value" and has no relationship at all with your mortgage.
Your house could be completely paid off, and you'll STILL owe property taxes each year.
2007-02-24 02:49:57 · answer #3 · answered by bradxschuman 6 · 0⤊ 0⤋
Mortage doesn't have anything to do with taxes, it is the value of the house that the taxes are on. Mortage is like a loan and they don't tax loans.
2007-02-24 02:49:40 · answer #4 · answered by ruth4526 7 · 0⤊ 0⤋
No.
2007-02-24 02:48:55 · answer #5 · answered by ? 7 · 0⤊ 0⤋