Property tax letter says house is now worth 50K less than what I paid in 2010. Can i refinance?

Asked by Sheila23, 20910 Mon Jan 30, 2012

I bought my house for 290K and it appraised for 310. I received a letter saying that my property taxes are changing and my house is now worth 255k based on recent sales in the area. Can I refinance if there is no equity?

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Don Tepper, Agent, Burke, VA
Mon Jan 30, 2012
No. And no.

No: You can't refinance if there is no equity. In your scenario, you're probably $30,000 or so under water.

No: You can't depend on a tax assessment to reflect the value of the property. It doesn't.

A Realtor could run a CMA and give you a pretty good idea of what your property really is worth. But it's a near-certainty that it isn't worth enough--having enough equity--for you to be able to refinance.

Hope that helps.
1 vote
Roland Vinya…, Agent, Sprakers, NY
Mon Jan 30, 2012
An assessment may or may not represent the true value of your property. An appraisal is supposed to. Both can get out of date quickly. If you truly have no equity, I wouldn't rock the boat - you've suddenly got a 0% down home if you want to look at it that way. Banks want some protection on the loans they make. If they are forced to foreclose in a down market, they don't want to lose capital.
1 vote
Sars, Home Buyer, Caballo Hills, Oakland, CA
Mon Oct 1, 2012
You'll be able to refinance if you have 10% of the home value in cash on hand. Use mortgage refinance calculator… to see if its worth while
0 votes
The Roskelly…, Agent, Gambrills, MD
Wed Sep 12, 2012
In our area taxe values have no correlation to market values. Depending on when you purchased your home values may have declined but you can get an appraisal or a market valuation (free) from an experienced local real estate agent.
0 votes
Annette Levi…, , New York, NY
Mon Jan 30, 2012
Yes you can refinance. If you are less then 25% underwater and FNMA owes the mortgage, you can do it today. If you are more then 25% underwater, wait until March and HARP2
0 votes
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