Financing in 95051>Question Details

Irwtfybb, Home Buyer in Sunnyvale, CA

Will refinance increase my house assessed value and consequently increase my property tax?

Asked by Irwtfybb, Sunnyvale, CA Fri May 21, 2010

0 votes Share Flag Financing in 95051

Help the community by answering this question:

Answers

6
Ruth and Perry Mistry’s answer
Hi Irwtfybb

No refinancing has nothing to do with your Property Value.

Trust you are looking into Refinancing again as rates since May have come down even more.


Two great banks are http://www.amerisave.com, http://www.provident.com .

Best Regards
Perry
Web Reference: http://www.ruthandperry.com
0 votes Thank Flag Link Sat Oct 16, 2010
Remember this date: June 6, 1978. That was when Proposition 13 was passed.

The best part of Proposition 13 were and still are:
1. It restricts annual increases in assessed value of real property to an inflation factor, not to exceed 2% per year.
2. It also prohibits reassessment of a new base year value except upon (a) change in ownership or (b) completion of new construction.
0 votes Thank Flag Link Wed Oct 13, 2010
Robert,
What about renovating an older home from APprox. 900 SQ Ft. to 3000 square feet with Prop 13, how can we work around not losing this perk
Flag Fri Jun 14, 2013
Refinancing has no affect on your property taxes. I am a direct competitive lender. Good luck:).

scott
0 votes Thank Flag Link Thu Sep 30, 2010
Hi,
Refinance your loan is changing a lender who you borrow money from.

Your assessed value with be the decided by Santa Clara County tax accessor which will not have anything to do with your refinancing. Now is one of the lowest interest rate for 40 years. If you can qualify a new loan, you should do it. If your assessed value is higher than Market value, you can appy to county to reassess your property value.

Grace Keng
RE/MAX RES
Web Reference: http://gracekeng.com
0 votes Thank Flag Link Wed Sep 22, 2010
No, refinancing will not increase your assessed value, and no it will not increase your property taxes, unless you are expanding your home in some way structurally.
0 votes Thank Flag Link Fri May 21, 2010
Refinancing your house has nothing to do with your assessed value. It will not affect it in any way. Towns and cities on average have to re-assess your property every 5 years/ The assessment is based on current market value. Soem towns will choose to set their tax rates based on 100% of assessed value or 90 or 110%, it does change.

Your assessed value after a reassessment shuld be equal to teh market change in you area whether prices have gone up or down.

I hope this helps
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Fri May 21, 2010
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer