taxes on refinancing

Hello everyone,
Is the money from refinancing of a property taxable? I have 32,000 in my residential property that I am planning to pull out. Of that 20,000 will be going back into improving the property itself. The other 12,000 I was hoping to use for myself.

What kind of tax issue will I be facing? How much would I be paying?

Borrowed money is not taxable. You will not be taxed until you sell or transfer your property.

Thank you mtnwizard.

If you are taking a mortgage in connection with the refinancing you may be subject to State Mortgage tax.

That is a tax based upon the size of the mortgage taken. This is so in New York (.012%) and in Virginia (.0075) and I am sure in several other states. It is not an income tax.

Hi Arnie. Can you explain a little more what you mean by taking on a mortgage in addition to the refi?

I only meant that if you take a mortgage, you may pay mortgage tax in certain states. I did not mean to say a mortgage in addition to refinance.