PMI Removal Causing Increase in Taxes?

[Christian Hanus]

Hello,

I've got PMI on my primary residence that I want to get removed due to natural appreciation and home improvements we've made. I've already gotten in touch with my lender to find out how this would be done. They told me an appraisal would have to be ordered. My question is relatively simple, would my county/local ordinance have any way of finding out what it appraised for on this new appraisal? I don't want my assessed value to increase for property taxes, I don't think they'd have any way of finding out since it's a conventional low down payment but figured I would double-check.

[Randall Alan]

Quote from @Christian Hanus:

Hello,

I've got PMI on my primary residence that I want to get removed due to natural appreciation and home improvements we've made. I've already gotten in touch with my lender to find out how this would be done. They told me an appraisal would have to be ordered. My question is relatively simple, would my county/local ordinance have any way of finding out what it appraised for on this new appraisal? I don't want my assessed value to increase for property taxes, I don't think they'd have any way of finding out since it's a conventional low down payment but figured I would double-check.

@Christian Hanus

You getting an appraisal would not trigger anything with your county. Your lender will likewise not file anything with your county with regard to the PMI. If you took your appraisal and did a cash out refi with it... THAT would get filed with the county and likely cause them to treat the refi as a new valuation on the property. But your PMI stuff I think you would be safe. It's all about whether something goes to the county or not. If it doesn't, you are good.

All the best!

Randy