Because the current interest rate environment is so conducive to refinancing, a concern that some have about taking action stems from confusion related to how their property taxes are determined, and specifically the question, "Will refinancing cause my property taxes to go up?" It goes without saying that nobody wants to save money via refinance, only to see it evaporate in the form of higher real estate taxes. But is this a real threat? Or is it safe to assume that simply by refinancing you would not see a change in your tax basis?
As I write this in October of 2019, my very own Marin County property tax bills just arrived. Well, allow me to reframe that. It is widely understood that our real estate tax bills are issued "sometime in October," but when you actually receive them in the mail on October 1, it says all you need to know about our Assessor's intent to get the point across. So with the same procrastination exhibited by most fellow Marin County property owners who will join me in actually paying the bill a few days before a penalty is assessed, … (9 comments)
I would be willing to bet that each year, good financial benefit gets left on the table by those who want to refinance their mortgages but are afraid that by doing so, they may see their California property taxes go up. Is this concern founded? Can that really happen?
In short, no. California property taxes are not reassessed when a homeowner refinances his or her mortgage. And the simple reason for this is that there is no transfer of title that would trigger the tax basis to be reassessed by the County Assessor. When … (0 comments)
Because the current interest rate environment remains conducive to refinancing, a concern that some have about taking action stems from confusion related to how their property taxes are determined, and specifically the question, "Will refinancing cause my property taxes to go up?" It goes without saying that nobody wants to save money via refinance, only to see it evaporate in the form of higher real estate taxes. But is this a real threat? Or is it safe to assume that simply by refinancing you would not see a change in your tax … (7 comments)
Don't we all get this question from time to time? I know that for me, responding with first-hand experience imparts a validity that perhaps another California mortgage lender might not have. So I am happy to share with clients and prospects what I know, when appropriate, not only as a home loan professional, but also as a property owner and president of two homeowners associations (HOA).
The first property I owned was a condominium unit at Larkspur Isle, in Larkspur, California. A great little place on … (5 comments)
Will My Property Taxes Go Up If I Refinance?
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