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Lower Property Taxes |
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We still have an ARM, but until recently were shopping around for a good refinance rate to get in on a 30 year mortgage. I think that we are at 4.875 and it can only adjust 1% per year, and were advised to keep it for the time being because even when it adjusts it will still be pretty low. But, of course we are nervous with the current financial climate. We are wondering, since our house value has decreased since we built 4 years ago should we get the house appraised so our taxable amount goes down and we can pay less in taxes? We went into this loan with open eyes and knew full well that our payment would be increasing, but don't want to pay taxes on it's previously inflated value. Our house is still worth more than we owe to the bank and we plan on staying here for a number of years. Would it make sense to get a lower appraisal so we are paying less in taxes? |
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Your property taxes are based not an an outside appraisal, but on the assessment made by a local official, your town or city's tax assessor's office. You can discuss with that office the procedure for protesting your current assessment figure. In most areas you might succeed if you can show that nearby similar property is appraised for less. |
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Edith
Originally published on October 6, 2008 |
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