General Area in 75098>Question Details

Kristina Bri…, Other/Just Looking in 75098

How do I determine the value in 2001 of a piece of property?

Asked by Kristina Brillon, 75098 Tue Apr 14, 2009

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The Dallas area has a historical (60-year) average of 1% appreciation a year. I don't think anyone would argue if you deducted 1% a year off the current market value.

Have a blessed day!
Ronda


Ronda Allen, Realtor, Certified Purchasing Manager
The Keith Dobbs Team at RE/MAX Dallas Suburbs
1 vote Thank Flag Link Wed Apr 15, 2009
Hi Kristina,
The value of a piece of property in 2001 has no actual bearing on the market value of that piece of property 8 years later. I suggest you work with a real estate agent to help you determine the value of that property today.

Have a blessed day!

Ronda

Ronda Allen, Realtor, Certified Purchasing Manager
The Keith Dobbs Team at RE/MAX Dallas Suburbs
1 vote Thank Flag Link Tue Apr 14, 2009
Kristina,

If your trying to see what someone paid for the house in 2001, unless it was sold through the MLS, it will be difficult to obtain if you don't ask the seller's. To see the tax assessor value in 2001, which is usually different than the market value and sales price, you can go to the county's county appraisal district website and look the property up by address, then typically you will be able to see the previous years tax assessor value.

I always save my clients money! I would be happy to walk you through the buying process and help guide you along the way!

Nicole Arenas
1 vote Thank Flag Link Tue Apr 14, 2009
Thank you both for your response. I received this property from a loved one when they passed away. Their death was in 2001, however, the property was not sold until 2006. For tax purposes, I am required by law as an heir to real property to determine the FMV of the property at time of death to determine if when sold I would be required to pay a capital gains tax. I am having trouble determining the FMV of the property in 2001 at time of death.
0 votes Thank Flag Link Tue Apr 14, 2009
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