Will refinancing my home impact my income tax?

A home refinance may or may not have an impact on your income taxes. Whether or not it does will depend on a variety of factors. One factor is your mortgage. If it is relatively new, meaning, you have only had the mortgage contract for a few years, you are probably still making payments that are going toward the interest of the mortgage loan instead of the balance of the mortgage itself.

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What property taxes am I subject to on my home?

The taxes you have to pay on your home are for property taxes, as well as for special assessments levied by the government. Property owners are subject to local property tax. These taxes are typically collected by County Tax Assessors. Your property taxes may be added as part of a home mortgage payment. Special assessments are based on services that the property receives from the government. They generally come in two forms: service assessments and capital assessments.

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How are My Property Taxes Assessed, and How Often Will My Taxes Change?

In the majority of states, property value is assessed for property tax purposes every five to seven years. However, some states only assess the value of the home upon the sale or refinancing of the property, while other states assess property values every year. The assessment of your property’s value is used to find your required annual property taxes. If you are in a majority state, in which the value of your property is only assessed every five to seven years, the determined tax rate will stay consistent during this time period.

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