Will a home equity loan increase my property tax? | Finance ...

Question by shuffm1 : Will a home equity loan increase my property tax ?
I am considering applying for a home equity loan. In order to get the money I need, my house would need to be assessed at a higher value than it currently is because I have very little equity in the house. However, I have made many major capital improvements, so this will not be a problem. If the bank?s assessor assesses the property at a higher value, will my house be subject to higher property taxes? I live in NY, so the property taxes are the highest in the country, and this would be a major problem.I have researched other alternatives to Considered and a home equity loan, so I just need to find the answer to this question. I can not seem to find it on the internet, and I have asked two people ? and mortgage they do not even know.OK, if my property tax is based on the value of my property ? let me pose this question example /:Say, I bought my house for $ 170 000 and put no money down. My house is currently assessed by the town / county at $ 200,000. That is what I pay property tax on. Between rising property value and least of thousands of dollars in capital improvements, say my house can be assessed for $ 250,000. That would be $ 70,000 more than the remaining principal. Excluding any costs or other data, a 100% home equity loan would Provide me with $ 70,000. Now, if someone came out and said my house was valued at $ 250,000 ? this would not increase my taxes? Sun .. the town / county would not find out about this loan or the re-assessment? My tax rate here is 3.5%. I have to be sure 100%. Best answer:
Answer by

boston857
Not necessarily! Because the bank?s appraisal with the new value is not shared with anyone ?? So, typically, property taxes are assessed dept when there is a transaction on the property and unless you need the county?s building. approval, you should be fine ?

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Source: http://www.lovefinanceinfo.com/2012/02/will-a-home-equity-loan-increase-my-property-tax/?utm_source=rss&utm_medium=rss&utm_campaign=will-a-home-equity-loan-increase-my-property-tax

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