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How much of a difference does it make on the cities appraisel ..

post #1 of 5
Thread Starter 
of your home...Does that make sense? Anyways, per our assesors web site on our city web page our home is valued at $212,000. Last year it was valued at $238,000. Now im assuming this is b.c of the economy and housing values dropping. Could I get a higher property value estimate if I hire a appraiser?

we want to refinance as we have a adjustable mortgage, but it is not set to adjust until 6/2011. would it be a horrible Idea to do this now? should we wait out another year to see if it gets any better..


how do the cities come up with these numbers anyways?

sorry had to change that date, its not set to adjust until 6/2011
post #2 of 5
When you get an appraisal for a mortgage, the tax-assessed value is only one factor that the appraiser uses to come up with a value for the mortgage. Much more important is the actual sale prices of comprable properties that have sold in you area in the past few months.
post #3 of 5
I wouldn't pay for an appraisal before you apply for a loan. When you refinance, the bank arranges the appraisal as part of the loan process; I'm pretty sure that most banks won't accept an independent appraisal.

You can make your own estimate of your home's value by looking at recent sales of comparable homes. A pretty good place to start is Zillow. This isn't as good as getting an appraiser to look at your home, but at least it won't cost you anything.

We are trying to refinance right now, so I think it is a good enough time to do it. Rates are low right now. Rates may be lower next year... but on the other hand, we might not be able to refinance next year because my DH might get laid off again, or our property value may go down further. So we want to take advantage of the opportunity now, if we can. If rates drop a lot more next year we can try to refinance again.
post #4 of 5
Many municipalities have made property value adjustments as they acknowledge current real estate values. That lower number is saving you money on your property taxes. Don't try to get it changed!

If you refinance, the lender will have your property appraised and that's the number they will use.
post #5 of 5
Tax assessments and mortage appraisials are often a world apart, I wouldn't assume they are going to match up.

Likewise, Zillow can be a good starting point, but those numbers are far from accurate. The house next door was listed on Zillow at $342K last week, it sold for $259K this past summer.

Your best bet would be to pay for an appraisial yourself to get an idea but don't expect that your mortage company would come up witht he same number.
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