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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.
→ Read MoreIn 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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