That’s what you see over and over in the press. True. Yes, the cash-strapped can win big when refinancing right now, saving money over the life of your mortgage, or so we’ve been led to believe. But wait. There’s a catch. In effect in most states now:
APPEALING YOUR REAL ESTATE TAXES WILL NOW REQUIRE YOU TO GET AN APPRAISAL, OR TO SHOW ANY APPRAISAL YOU HAVE GOTTEN IN THE PAST THREE YEARS
Wow. So if you have had your home appraised for refinancing purposes, that appraisal will come in most likely at much more than what you paid for your house possibly years ago. Your higher appraised home will hurt your ability to now get your real estate taxes lowered, ever. Especially if you get all the way to your appeals court. The counties will do anything to get revenue and property taxes are one of the best ways to recover the financial losses over the past few years.
HOME APPRAISALS MEAN A HUGE GAMBLE IF YOU WANT TO EVER TRY TO APPEAL YOUR ALREADY HIGH PROPERTY TAXES
Counties across America are getting smarter. They are coming down hard on people who claim they are overpaying for taxes relative to their neighbors. Too many people are hiring too many lawyers and the courts are overflowing with real estate tax appeal cases. With states and counties feeling cash-strapped, they are looking for any way to collect more taxes. Your county knows that if you are required to submit your appraisals done within the past three years you will be less likely to try to get your real estate taxes lowered.
Something important to consider when deciding whether or not to refinance. Don’t learn after the fact.