Does getting a new appraisal affect my property taxes?

Question

This is a total n00b question. I have a single rental property that I'm considering refinancing. If the property appraises higher than the current county assessment (which it will) and I get the refinance, will that affect my property taxes? Meaning, will the county use the new higher appraisal or stick with their current appraisal?

Charles Kao · Answer

@Adam Williams

No.  Assessor's office does not assess what they cannot see.  They can see property transfer affidavits but not appraisals.  However if  you present it to them while fighting property taxes it could.

Megan Phillips · Answer

It's a bank appraisal, not a town/county appraisal. They are different, it won't change your taxes.

Jameson Gowin · Answer

@Grant Rothenburger Thanks for clarifying, been reading as much as I can on from this thread. I also just refinanced a rental, and was told that I should hope the appraisal came in lower vs higher..? I didn’t quite understand why anyone would want a lower appraisal? This was not a cash out refi, but a refi to capture lower interest rate..

Grant Rothenburger · Answer

You're welcome!

Adam Williams · Answer

Thank you!

Adam Williams · Answer

Thank you @Grant Rothenburger and @Megan Phillips. Super helpful!

Grant Rothenburger · Answer

@Adam Williams Only if they find out! If you were to purchase the home at the new appraisal, they would use the new sale price, but as long as you don't tell them about the appraisal and no one else does, they won't know about it.

I guess I should say "most likely". I suppose the county could have an ambitious employee that looks for higher appraised values, which they'd be able to find once you took the equity out and had another/different lien I guess. But I have not seen that happen myself.

Does getting a new appraisal affect my property taxes?

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