REFI assesments: comps and taxes?
Greetings, We’re going through a refi and just had our appraisal this morning. I know the appraisal company will use a mix of comps (sales), “for sales” and then city tax assessment. Our NYC tax assessment is within $20-30K of the number we need to hit to sail through the refi. Any idea how much…
Greetings,
We’re going through a refi and just had our appraisal this morning. I know the appraisal company will use a mix of comps (sales), “for sales” and then city tax assessment.
Our NYC tax assessment is within $20-30K of the number we need to hit to sail through the refi. Any idea how much the tax assessment will play into the overall appraisal?
Funny thing is, the high tax assessment initially peeved the Mrs. and I…now we’re happy where it is.
Many thanks. I forgot the will look at the equity in the house…which ours was higher 🙂
Jackson,
We didn’t find that the city’s tax assessment figured into the equation at all when we recently refinanced. Our bank used a combination of the comps their appraiser found and the equity we already had in the building.
Our estimated assessment from the city was high as well. In fact, we used the bank appraiser’s estimate (plus a few comps we found on Property Shark) to get the city to lower our tax assessment. Didn’t affect our actual property taxes, though, but it sure made me feel good.