Notice my property tax increase, is this due to my refinance? Don't see other reason it would increase 400

Question

I refinanced my my mortgage about 5 years ago to lower my interest rate about on main 3/4 and get rid of my second mortgage. I took out about 60,000 and saved it a while, bought a few things for the house 20K(new windows, repainted house), loaned 25K to parents, bought a car. I didn't really look when I was paying my property taxes the last few years, but now notice it is up about 400 per year. Is this because of refinace? Is this OK? If not, can I get my money back for the property taxes paid? Please help, I really can't keep paying this extra money.

Answer 1

All the other responders say no but I know that after I refinanced my house and pulled out some equity for home improvements, the assessed value shown on my property taxes matched exactly the appraised value used for the refi -- the appraised value was more than the refinanced amount.

Now my county does review property values every so many years. But my values NEVER jumped as much as right after that refinance and are exactly the amount of the appraisal. Coincidence? Maybe. But I really think not.

Answer 2

A refi should not trigger an increase in your taxes.

FYI, your local County spends the first part of the calendar year looking at recent sales in your neighborhood to see if the values have increased.

Then, in the Fall, you get the results of that research on your tax bill. Plus, any adjustments for other important things on the County budget (which always seem to increase every year).

Take a careful look at the detail on your tax bill to see where the increase really hit you.

You can appeal your property value assessment through your County appeal process. Be prepared to prove, via comparable sales earlier this calendar year, that your property has not increased to the value shown.

And remember, even in markets where property values have fallen steadily every month, they were still most likely higher at the beginning of the calendar year, when the research was done.

Good luck and best wishes.

Answer 3

Im sure counties all over have a having a field day with the run up in home values. Not just from purchasers of homes that get reassessed, but also for the long time residents that are seeing incremental increases.

Also in our area we have had telephone wars from teachers convincing people how we need to vote for those bond measures for new and more schools. Renters vote and owners pay. Our district was quite surprised when the highschool district bond was voted down for the first time. After years of yes votes for more school bonds, owners said "no way we cant pay anymore on our property taxes." Check you bill and see where it's going.

If prices have dropped in your area.........than challenge the assessment.

Good Luck

Answer 4

None of the lenders I've worked for have reported the appraised value to the county. More than likely, the improvements on your property are the reason for the increase, or it had been a long time since they were raised. Call the county assessor to see how to dispute an assessed value. Mine have gone up enormously in the last 3 or 4 years, and I have customers telling me the same thing every day.

Answer 5

Your refinance had nothing at all to do with your refinance other than the improvements made to your home with the proceeds.

If you live in an area of appreciating property values the increase is simply a reflection of the increasing values.

Each year the county updates their assessment of property values and raises the paxes to reflect the assessment.

Answer 6

Your local assessor has probably reassessed your house to reflect current market values. Refinancing has nothign to do with it.

Answer 7

No! It is because of the houses around you! And if u added anything to your home to improve it. Also taxes go up and that causes your home taxes to go up.