I recieved my property tax bill today, and it's $1,320.19. On the bill it says the real estate value is 159,340, I paid 192,500 for the house last Nowember . I want to refinance in a year. I'm confused. Please explain this to me because it doesn't sound good. Does real estate value have anything to do with me refinancing, appraisal etc.
2007-07-21 16:44:04 · 5 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
Your tax value for property tax purposes has nothing to do with what a bank or independent appraiser will come up with. In my area, some people are being taxed at values on homes, that are currently for sale, that are tens of thousands of dollars over the asking price of their homes, the flip side of that is also frequently true. I know of someone that had a bank appraisal come in around 80 thousand dollars over tax value....so I wouldn't worry about it.
2007-07-21 18:00:41 · answer #1 · answered by Greg 3 · 0⤊ 0⤋
Real estate appraisals don't necessarily have much to do with market value. Quit worrying. Unless market values in your area have really gone down a lot, this shouldn't hurt you in a refinance. Be glad your real estate assessment is low - you pay less real estate taxes that way. When you go to refinance, they'll do an assessment of market value - that's the one that will count for the refi.
2007-07-22 04:25:49 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
Property taxes are assessed according to the appraised value of your home when that tax is due. Of course when you ask for a refi, that loan will be based on appraised value whenever you ask for the loan and, unfortunately, not what you paid for it.. They actually saved you some tax dollars this time but you should look into homestead exemption if you live in this house. Hope this helps.
2007-07-21 16:58:21 · answer #3 · answered by Da B 4 · 0⤊ 0⤋
When you look into refinancing, the lender will not use the tax appraisal to judge the value. Be happy your tax appraisal is low. That lowers your taxes. The lender will go by real market value based on comparable sales.
2007-07-22 05:19:53 · answer #4 · answered by Bob Little 4 · 0⤊ 0⤋
Property taxes are assessed on a different formula that generally does not correspond to the actual value of your home.
When you go to refinance, it will not make a difference what the county assessor states what your home is worth.
2007-07-21 18:23:28 · answer #5 · answered by Steve 6 · 0⤊ 0⤋