Will contesting property value affect my refinance?

[Alex Nelson]

I'm currently on my first rental that i purchased last year. The purchase price was $170,000. I just received a letter from the city stating that the property has appraised for $177,00. For tax purposes, I'd like to contest this to lower my tax bill, however my concern is that i'm planning to refinance this property in the next 6 months and I'm not sure if the lower appraised value from the city will affect the amount that i can refinance the property for. I've never done a refinance so I'm not sure if this is a factor that would affect this sort of thing.

So here's the questions. Would contesting the city appraisal to lower my taxable property value also lower the amount that i can refinance for? Or will a lender do their own appraisal and ignore the city's appraised price? Should i contest the appraisal?

Thanks!

-Alex