|
I plan to refinance - and wanted to know if my property taxes will go up ?
Q. I've lived in my home for 6 yrs in San Diego CA, and my annual property taxes have not changed (same mortage for 6 yrs). I plan to refinance - and wanted to know if my property taxes will go up ? The home value has gone up (in 6 yrs) and the lender will do a property value assessment as part of the loan qual process. I'm pretty sure I'm in for a higher property tax bill - but wanted to be sure because since the values gone up 4x - my taxes will then go up 4x when I refi (ouch) - and I don't know how prop 13 in California might effect this.
A. -Not to worry, reassessment is only triggered by a sale or substantial improvement -- not by a refinance transaction. -The assessed value of your property has nothing to do with the amount of debt you have in it. It is based on your purchase price with a maximum of a 2% increase for each subsequent year (per the 1970's "Proposition 13" limits). Only a change in ownership (but not all changes - see "Proposition 58 transfers") or new construction can change the assessed value upwards by more than 2%
Ask Edwards a Finance Question
Other Questions:
Refinance mortgage with a home equity loan?
Today I visited a bank to inquire about refinancing my mortgage. The mortgage has about 17 years to run, has a current principal of over $120,000, and pays interest at 7-1/8%. The bank officer offered me a home equity loan at 6% to pay off the mo...
I need advice on whether to consider a mortgage refinance,who can help me?I have a mortgage, but this is an area of life that I'm not much up on. I heard a bit on a consumer show yesterday about (and I think I got this right) a "no closing cost home equity refinance." A woman caller asked about this and the host said...
Who has the best mortgage refinance rates in town....preferably with zero or low closing costs?Who has the best mortgage refinance rates in town....preferably with zero or low closing costs?- www.fatwallet.com and check their financial forum.. -Look in the Friday business section of the Dallas Morning News. They lists several local mortg...
When to refinance a car loan?I have a 98 Saturn SL2. My outstanding balance is around $9,000. I have a 60-month loan, and have made nearly 30 payments on it. (For those doing the math, I didn't put anything down, and also financed the sales tax.) Anyhow, my payment is $308 a ...
Refinance VehicleI know I can't be the only one in this situation. My company has transferred me to Vancouver temporarily, but this could last up to 3 years. According to BC law you have to register your vehicle in 30 days. Well I'm in a very nasty catch 22. H...
Ask a Question
About Us / Me
Contact Me
Privacy Policy
PFBlog
Google Finance
Yahoo Finance
Motley Fool
Nveille's Financial Blog
AllFinanceMatters
Free Money Finance
2MillionBlog
The Terror Finance blog
Debt Management
Credit Report
Credit Card
Personal Budget
Student Loan
Home Equity
Payday Loan