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 won’t 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 considered and researched other alternatives to a home equity loan, so I just need to find the answer to this question. I can’t seem to find it on the Internet, and I have asked two mortgage people…and they don’t even know.
Posts Tagged ‘Will’
Will A Home Equity Loan Increase My Property Tax?
Saturday, May 23rd, 2009Will It Be Difficult For Me To Get A Home Equity Loan?
Thursday, May 21st, 2009hi, I am thinking about getting a home equity loan to pay for my daughter tuition for school. My credit is not very good but, I do have over 75,000 in equity. I am thinking about applying for 25k and was wondering if it would be difficult. I am applying for the loan through the same bank that holds my mortgage, which I have never been late on. thanks!
