{"id":47,"date":"2019-09-05T14:48:59","date_gmt":"2019-09-05T14:48:59","guid":{"rendered":"https:\/\/fouedbenslama.com\/?p=47"},"modified":"2020-01-11T13:53:35","modified_gmt":"2020-01-11T13:53:35","slug":"does-a-cash-out-refinance-affect-property-taxes","status":"publish","type":"post","link":"https:\/\/fouedbenslama.com\/?p=47","title":{"rendered":"Does a cash-out refinance affect property taxes?"},"content":{"rendered":"\n

Are\nyou thinking about a cash-out refinance? If so, you might be wondering if that\nwill affect your property taxes. Quite simply, the answer is no, a cash-out\nrefinance won\u2019t affect your property taxes, that is unless your property value\nincreases.<\/strong><\/p>\n\n\n\n

Some\npeople consider doing a cash-out refinance for home improvements, debt\nconsolidation, investing, or for other financial needs. It\u2019s a type of\nrefinancing program that replaces the existing mortgage you have with a new\nhome loan. This new home loan can reach up to 80% of your property\u2019s value. So,\nif your home\u2019s value increased from when you bought it, you get that difference\nin cash to invest.<\/p>\n\n\n\n

More\ncash to invest sounds good, right? Before you go for a cash-out refinance\nthough, I want to give you more information so you can make the best decision\nfor your needs. <\/p>\n\n\n\n

Surely,\ndoing a cash-out refinance is one of the best ways to lower your monthly\nmortgage payment especially if you get a better interest rate. Doing this\nusually won\u2019t change your property taxes. The exception is if your mortgage\ncompany anticipates your property values rising higher in the not-so-distant\nfuture.<\/p>\n\n\n\n

Keep\nreading and I\u2019m going to tell you all about cash-out refinancing, taxes, and\nwhat all this will mean to you. <\/p>\n\n\n\n

Tax\nrules for cash-out refinancing<\/strong><\/h2>\n\n\n\n

As a landlord, you probably know that your mortgage is tax-deductible. That\u2019s a good thing when crunching those numbers before Tax Day every year. But there\u2019s a special consideration that affects cash-out refinancing. If you still want to qualify for your yearly tax deduction on your mortgage, that cash-out refinancing must be used to build or improve your existing property or buy a second investment property. <\/p>\n\n\n\n

In\nother words, if you go into a cash-out refinance to use the funds for some\nother means, you\u2019re no longer able to qualify for that mortgage debt tax\ndeduction. When you use that cash-out refinancing to fund other purposes\nunaffiliated with repairing or improving your home (or investing in another\nhome), tax laws consider it a home equity loan<\/strong>. Interest that is paid on\nhome equity loans is tax-deductible still, but there\u2019s a cap at $100,000 debt\nfor couples and only $50,000 for a single person.<\/p>\n\n\n\n

I\nthink it helps to look at a living example of that. After all, I\u2019m a numbers\nperson, but not everyone else is. <\/p>\n\n\n\n

Let\u2019s\nsay you\u2019re a single homeowner and you owe $200,000 on your mortgage. You decide\nyou want to go for a cash-out refinance in the amount of $275,000 so you can\nadd a couple more rooms onto your home. Go big or go home, right?<\/p>\n\n\n\n

Anyway,\nthat mortgage interest that you pay on the entire sum (which is $275,000 in\nthis example) is still tax-deductible because it falls under those\nqualifications I detailed above \u2013 you\u2019re using it to improve your home and\nyou\u2019re also under the limit set for a single homeowner. <\/p>\n\n\n\n

But\nwhat if you decided to do a cash-out refinance and not improve your home? You\ncan do that, and you might want to depending on your circumstances. Perhaps\nyou\u2019re raising kids on your own and they\u2019re ready to go to college. If you\nnever set up a prepaid college fund, you might be thinking that this could be\nthe way you get them a higher education. <\/p>\n\n\n\n

So,\nif you took that $75,000 and put your kids through 4 years of college, you can\ndeduct mortgage interest<\/strong> only from $50,000 of the new debt as a single\nhomeowner (if you were married, it would be more). In other words, interest on\n$250,000 of that refinanced amount is tax-deductible and the remaining $25,000\nis not. <\/p>\n\n\n\n

As\nyou can see, doing a cash-out refinance is best when you\u2019re going to improve\nyour home though you do have options to use it in other ways as needed. I\u2019m\ngoing to give you all the facts about the impacts of that further down so keep\nreading. <\/p>\n\n\n\n

Here\u2019s\nHow Your Property Tax is Calculated<\/strong><\/h2>\n\n\n\n

Property\ntaxes can sound like a pain, especially when you\u2019re trying to compute them. New\nhomeowners often find this to be the biggest headache. Here\u2019s how you can\nfigure them out without making your head spin. <\/p>\n\n\n\n

Basically,\nthere are two numbers that will be what you use to calculate what you will pay\nin property taxes every year. This comes from your tax rate and your\nassessment. I\u2019ll give you an example to help illustrate this.<\/p>\n\n\n\n

Say\nyou have a home worth $300,000 in the assessment and you have a tax rate of 3%.\nThis means you will pay property tax of $9,000 per year. Those property taxes\naren\u2019t going to go up unless either the assessment amount or the rate\nincreases, and if you choose to do a cash-out refinance on your home \u2013 (appraisal\nincluded) it will not affect those numbers. <\/p>\n\n\n\n

There\nare times when that property tax can be joined to the refinancing, but it can\nonly happen when it\u2019s in the form of a prediction. I know that sounds vague but\nhear me out.<\/p>\n\n\n\n

When\nyou have an area that is ultra-hot for real estate and the home values all\naround are suddenly skyrocketing, if the appraisal amount is significantly\nhigher than that assessed value, you can likely count on a property tax\nincrease down the line. It\u2019s not always accurate though, nor is it ever an\nimmediate thing, so breathe!<\/p>\n\n\n\n

Any\nchanges to the assessment take place at a much slower rate than the rise of\nprices for the housing market. They\u2019re usually just adjusted once each year.\nPlus, many areas have laws in place about how much those property taxes can be\nraised during certain time frames. <\/p>\n\n\n\n

And\nyes, this is going to vary from state to state and from city to city. You can\nexpect these costs to be much lower in less populated areas that aren\u2019t\nexperiencing a boom of growth. But for places like California where everyone\nwants to live the easy, breezy, beachy lifestyle, it\u2019s considered a hot market.<\/p>\n\n\n\n

In\nfact, let me give you an example for California to add more illustration to my\npoint. California has Proposition 13. It\u2019s a formula to help compute property\ntaxes which doesn\u2019t really have a hand in the current market value or what your\nhome is really worth. This formula is mostly based on your purchase price, plus\n2% yearly compounded. If your California home is less than the amount you come\nup with when you crunch the numbers, you need to talk to the county assessor.\nIf it\u2019s more than that, they can\u2019t raise it past that number. <\/p>\n\n\n\n

But\nof course, there\u2019s some more to the story, so stay with me!<\/p>\n\n\n\n

Appraisals\nand Property Taxes<\/strong><\/h2>\n\n\n\n

Refinancing\nwon\u2019t affect your property taxes directly except in that one instance, but it\nCAN give you a heads up that there will be an increase coming your way. When\nyou do a cash-out refinance, a property appraisal is generally requested in the\nmountain of paperwork you have to complete for the process. <\/p>\n\n\n\n

When\nyou\u2019re going through all this, you might suddenly see that your home\u2019s value\nhas quickly gone higher. The good news is that it won\u2019t be reported to the\nproperty tax assessor. What you should be watching out for is when the local\nproperty assessor makes a determination on the value of your home. It all\ndepends on where you live for how often they will do this. In some places, they\ndo it once a year. In others, it\u2019s every five years. And it can also be\nsomewhere between one and five years. <\/p>\n\n\n\n

A mortgage calculator can help you try to see into the future. It\u2019s not a crystal ball, but hey, it works to give you a ballpark estimate. The mill levy, the calculation your local authorities use, will be the prime influencer though in this situation. <\/p>\n\n\n\n

Property\nReassessments<\/strong><\/h2>\n\n\n\n

That\nbrings us to property reassessments. The tax authorities in your area will\nconduct property value reassessments in certain situations. Typically, you can\nexpect this to happen when:<\/p>\n\n\n\n

  • The home has changed ownership (so, when you buy your house from the previous owners).<\/li>
  • The home has been newly constructed from the ground up.<\/li>
  • The home has had partial construction completed.<\/li>
  • The value of the home declines. <\/li><\/ul>\n\n\n\n

    That\nfirst one probably jogged your memory from when you bought your home from the\nprevious owners. Remember having to get the property appraiser to come out? If\nyou just built your home or had work done on it, you\u2019ve probably had an\nassessment too. <\/p>\n\n\n\n

    But\nwhat if those market values fall? Well, you\u2019ll have to call them and inquire\nabout having the property taxes reduced. <\/p>\n\n\n\n

    With\nthose exceptions I just mentioned, you can expect that those assessors will\ntake a look every two to three years. A cash-out refinance doesn\u2019t involve\nanything with the assessors. That\u2019s because there\u2019s no change to the ownership.\nThis is a matter between you and the lender, so this in almost every case\nwill not affect property taxes on your home. <\/strong><\/p>\n\n\n\n

    Refinancing\nto Remodel May Increase Your Property Taxes<\/strong><\/h2>\n\n\n\n

    How\nold is your home? Perhaps your kitchen or master bath is outdated. Whether\nyou\u2019re hoping to bring it up to speed for your own enjoyment or you are\nconsidering selling the property at some point, remodeling is always a good\nidea to keep up the value of your home.<\/p>\n\n\n\n

    However,\nwhen you do a cash-out refinance to make these changes, you may very well see\nan increase on your property taxes from whatever work you have done. Perhaps\nyou\u2019ve decided that kitchen is too small, or you would rather add another\nbathroom onto the house, so your kids stop bickering. If you increase the\nsquare footage of your home, that will change the assessed value. <\/p>\n\n\n\n

    Assessed\nvalue is rather predictable, and again, I recommend using the ol\u2019 crystal ball\nknown as the mortgage calculator to get a general idea of how much you\u2019ll\nlikely pay. All you need to plug in is the property tax rate for where you live\nand your current value. <\/p>\n\n\n\n

    Let\nme put some real numbers with that to help you visualize this better. Remember\nwhen I brought up the earlier example of a 3% tax rate and a home value of\n$300,000? Say you increase the value of your home by $30,000. As $300,000 plus\n$30,000 is $330,000 your new property taxes would be $9,900. <\/p>\n\n\n\n

    Is\na cash-out refinance tax-deductible?<\/strong><\/h2>\n\n\n\n

    Well,\nit could be. As I discussed above, that cash out isn\u2019t like income, but it\nCOULD be tax-deductible. There are certainly limits of indebtedness. If you\u2019re\nmarried, it\u2019s $750,000, or if you\u2019re single and or married and filing separately,\nit\u2019s $375,000.<\/strong> <\/p>\n\n\n\n

    But\nthat doesn\u2019t matter when the indebtedness incurred. The interest can only be\ndeducted as I said with making home improvements, building onto the home, or\nbuying a second property. Cash used to fund a renovation in your home, or even\nin a second property, could be deductible if you itemize the expenses. <\/p>\n\n\n\n

    When\nyou use that cash-out refinance to tackle debts that are unaffiliated with your\nhome though (student loans, credit cards, and other such things), you can\nalmost always count on that not qualifying for your tax deduction. The IRS\nlists this in Publication 936, but to be honest, it\u2019s incredibly boring stuff.\nThat\u2019s why I\u2019m here to give you the lowdown and cut to the meat of what you\nneed before your eyes glaze over in boredom. <\/p>\n\n\n\n

    If\nyou\u2019re still not sure how to make those renovations work in your favor for\ndeductions on your taxes when you\u2019ve done cash-out refinancing, you can and should<\/strong>\nconsult an esteemed CPA to help you make sure you get any deductions you\ndeserve. It\u2019s their job to understand confusing tax laws and help you use them\nto your best advantage when applicable. <\/p>\n\n\n\n

    And\nthen there\u2019s the matter of cash-out refinancing for those that own properties\nand rent them out. <\/p>\n\n\n\n

    Refinancing\nmay increase the amount of interest you’re able to expense against your rental\nincome <\/strong><\/h2>\n\n\n\n

    Just\nabout every refinance of a mortgage on an investment property will change the\namount of interest you\u2019re going to pay. Let\u2019s say though that your rate remains\nthe same \u2013 even then, re-amortizing your loan changes the proportion. Interest,\nprincipal, and payments now will have a new relationship.<\/p>\n\n\n\n

    The\nIRS lets you expense all your interest that you pay for investment property\nwithout the same limitations that residential mortgages have. So, refinancing\nwill either increase or decrease that interest you can expense against rental\nincome from your Schedule E<\/strong>. Yes, that means a cash-out refinance might just be for you\nif this is your situation. It could work to your benefit. For more on that,\nkeep reading!<\/p>\n\n\n\n

    Cash-out\nRefinances and 1031 Exchanges<\/strong><\/h2>\n\n\n\n

    There\nare quite a number of property investors out there that will utilize cash-out\nrefinancing as a way to get more cash out of their properties which are sold\nvia a 1031 tax-deferred exchange. This means you can sell a property and then\nturn around and buy another one. You defer the capital gains and depreciation while\nrecapturing tax liability. You don\u2019t get to pull any cash out of the\ntransaction. But when you sell the old property, buy a new one, and do that cash-out\nrefinance to pull cash from your new property, all works out.<\/p>\n\n\n\n

    See,\nthe IRS doesn\u2019t have any set rules in all that lengthy mumbo-jumbo, which can\nwork in your favor. Still, I advise you talk with a tax attorney who is\nfamiliar with 1031 exchanges so you can use this method for your benefit\nwithout coming under fire with the IRS.<\/p>\n\n\n\n

    Impact of Cash-out Refinance on the Sale Of a Property<\/strong><\/h2>\n\n\n\n

    Remember,\nwhen you take money out of the property you own, it doesn\u2019t impact the tax.\nLet\u2019s say Bob and Cindy are a married couple that bought a $100,000 property.\nThey kept it for quite a few years, then sold it off for a cool million. Bob\nand Cindy would now have a taxable gain of $400,000. $500,000 of that is an\nexclusion. But let\u2019s say just for fun that they had an $800,000 mortgage on\nthat property during the time of sale and got back just $130,000 after paying\nthe commissions on the brokerage and loan, they\u2019d still need to pay capital\ngains taxes on that whole $400,000. <\/p>\n\n\n\n

    Basically,\nwhat happened here with Bob and Cindy is that the cash-out refinance did not\nwork in their favor. Don\u2019t be like Bob and Cindy. Keep reading, and I\u2019m going\nto take you through the scenarios of when a cash-out refinance is a good idea\nand when it\u2019s not. <\/p>\n\n\n\n

    So,\nwhen should you refinance a property?<\/strong><\/h2>\n\n\n\n

    Here\u2019s\nmy ultimate list of things that might come up for cash-out refinancing and\nwhether or not they\u2019re a good or bad move. <\/p>\n\n\n\n

    – To make improvements<\/strong> \u2013 Good! <\/h3>\n\n\n\n

    As I detailed above, you can still get those mortgage tax deductions when you invest that cash into making your home a better place. <\/p>\n\n\n\n

    – Other investments<\/strong> apart from real estate \u2013 Bad! <\/h3>\n\n\n\n

    You definitely don\u2019t want to do this with stocks, bonds, and the like. You won\u2019t get any deductions here, and one wrong move and you\u2019ll be out even more cash than when you started.<\/p>\n\n\n\n

    – Vacations and luxury goods <\/strong>\u2013 Bad! <\/h3>\n\n\n\n

    Again, you\u2019re not getting a tax deduction here. It stands to reason that if you have to take out loans to live a life higher than your means, it\u2019s just a terrible idea all around. <\/p>\n\n\n\n

    – College tuition and student loans<\/strong> \u2013 Bad! <\/h3>\n\n\n\n

    Above, I mentioned a single person putting their kids through college with it. In that example, the amount not covered by mortgage tax deductions was relatively small. In a situation like that, if you have no other way, it could work, but you\u2019re much better off not putting your kids through college this way. Especially if your kid comes home one day and says they want to backpack through Europe for a decade and have dropped out. As for student loans, it\u2019s a bad idea for the same reasons. <\/p>\n\n\n\n

    – Buying another property <\/strong>\u2013 Good! <\/h3>\n\n\n\n

    When you use it to make a down payment to purchase another property, this is a wise way to go. You get that mortgage tax deduction which makes the investment even more worthwhile.<\/p>\n\n\n\n

    – Paying off high-interest debts from credit cards, car loans, or personal loans<\/strong> \u2013 Bad! <\/h3>\n\n\n\n

    Please don\u2019t do this. Of all the bad moves I\u2019ve covered so far, this one is THE worst! You\u2019re creating more debt to do this. If you have debts, work toward paying them off. A cash-out refinance is not going to help your situation and solve credit woes. <\/p>\n\n\n\n

    – Preparing for an emergency<\/strong> \u2013 Bad! <\/h3>\n\n\n\n

    If you want to pad your checking account so that if an emergency arises, you\u2019re prepared, that\u2019s good. But don\u2019t do it with a cash-out refinance. You don\u2019t get any rewards for that.<\/p>\n\n\n\n

    – You want more cash <\/strong>\u2013 Bad! <\/h3>\n\n\n\n

    If you want more cash, make smart moves to get it. Don\u2019t pull a cash-out refinance just so you can feel like a high roller. It\u2019s only going to come back and haunt you like a thousand ghosts.<\/p>\n\n\n\n

    Something\nelse you should know is that refinancing might not affect property taxes, but\nyour property taxes might be the reason you decide to refinance. Those annoying\npostcards are a major downer to find in your mailbox. You check the mail, and\namid birthday cards or holiday cards, there\u2019s a seemingly innocent postcard\nfrom the county appraiser with the sullen news announcing that your taxes are\nincreasing. In this case, refinancing might be the way you can get that money.<\/p>\n\n\n\n

    A\ncash-out refinance gives you extra money from what your home\u2019s value is in\ncash, and while it is a good idea in some situations, it is not ideal in all\nsituations. Some situations will work in your benefit. The rate and term of a\nrefinance can help lower monthly payments or drop your mortgage insurance\nrates, but with a cash out, you can get that cash you need for other things.<\/p>\n\n\n\n

    It\u2019s\ncertainly best to invest that cash into your own home or another property, and\nwhile it does you no favors for tax deductions on your mortgage when you have\nto pay taxes, if you\u2019re really pressed, you can use it to help with other\ndebts. It should be a last resort for the latter and is a great tool for future\ninvestments. <\/p>\n\n\n\n

    If\nyou use it for debt consolidation on higher interest rate credit cards, you can\npay off your balance with the mortgage at a much lower rate, like 5 to 8%\ninstead. But there is a huge risk here if you don\u2019t make your mortgage\npayments. A better way is to transfer the balance for credit cards and land\nyour way into a 0% APR for a while. <\/p>\n\n\n\n

    Making\npayments to your home that will boost market value? This will lower your loan\nto value ratio and give your home more equity. What matters is if this makes\nany sense financially to use a cash-out refinance in your situation.<\/p>\n\n\n\n

    As\nalways, there are fees you\u2019ll incur when you take out a second mortgage. The\nfees are even ore if you plan to refinance a first mortgage and take cash out.\nWhile it is helpful for homeowners in dire straits, a cash-out basically turns\nback the clock on your mortgage. You lose all that equity you\u2019ve spent all this\ntime building up. So, less equity, more debt. <\/p>\n\n\n\n

    Only you can decide if that trade-off makes sense for your situation. <\/p>\n\n\n\n

    Conclusion<\/strong><\/h3>\n\n\n\n

    In\nalmost every situation under the sun, a cash-out refinance won\u2019t affect your\nproperty taxes. You should think about why you\u2019re considering this type of\nrefinancing. Since it lowers your equity and increases your debt, it\u2019s an ideal\nchoice for those reinvesting it. Making home improvements by adding rooms or\nbathrooms, renovating kitchens, and things of this nature add value, which will\nturn back over for you in the long run.<\/p>\n\n\n\n

    It\u2019s the same with buying another property since these can help you get deductions on your taxes. When working with commercial properties as a landlord, you should always get a good CPA who can help you steer your taxes in your favor, so a cash-out refinance will work its magic for you. <\/p>\n","protected":false},"excerpt":{"rendered":"

    Are you thinking about a cash-out refinance? If so, you might be wondering if that will affect your property taxes. Quite simply, the answer is no, a cash-out refinance won\u2019t affect your property taxes, that is unless your property value increases. Some people consider doing a cash-out refinance for home […]<\/p>\n","protected":false},"author":1,"featured_media":49,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5],"tags":[],"class_list":["post-47","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate"],"yoast_head":"\nDoes a cash-out refinance affect property taxes? - Foued Ben Slama<\/title>\n<meta name=\"description\" content=\"No, a cash-out refinance won\u2019t affect your property taxes, that is unless your property value increases.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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