Legal Question in Real Estate Law in Georgia
Residential Home Values
If I want my mortgage company to reasses my mortgage based on falling home values in my area, how will that affect my property tax burden locally? Is that information sent to city and county tax offices?
2 Answers from Attorneys
Re: Residential Home Values
In the first place, I don't understand what effect your getting the mortgage company to reassess your property. They already have you locked in to whatever payment you are making, unless there is some strange provision in your loan documents that allows you to re-assess the property.
Anyway, hire a private appraiser who reports only to you.
Re: Residential Home Values
Ask the tax office or lender what is sent, or what is considered - that is not a legal question we can answer. If your lender even considers your request, it would be news.
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