Refinancing??? will this change my property tax to current if i ad my wifes name to the new loan?

Olimpia
I own a house before I got married. My property is based on the price of the house 10 years ago. If I refinance with my wife's name in the new loan, will I have to pay the current house value tax or what I've been paying for the pass 10 years?

Ali
Depends, you will have to consult your counties assesment rules, there is no straight answer. (are you telling me your escrow payments have not changed in ten years... if so I may need to move there :) ) I would imagine there would be a reassesment. The county I live in reasses every year.

Carolyne
Depends. Most likely NO.In most localities, only a sale triggers adjustment of property valuation, not a refinancing. And adding a spouse is usually a tax exempt transaction. However, you're probably not paying on the 10 year old valuation as counties assess or reassess property periodically. In Cook County they went from quadrennial to triennial reassessments.

Demetria
Adding someone will not increase or decrease whatever your current property taxes are. This may vary depending on the state you live in, so contact your local property appraisers office or tax revenue department to be sure.Hope this helps

Maryanne
Well first of all your taxes should increase or decrease every 2 years depending on your county's department of taxation and assesment, if for any reason they don't increase is because you might be exempt or because the home values in your area are still the same. Each county in most states have their % they collect for property taxes, so I will ask a neighbor to see what they are paying, or just go to Zillow.com to get an idea of what your taxes should be, just enter your address.