General Area in 84321>Question Details

amlnlover100, Home Owner in Salt Lake City, UT

What's the relationship between the tax assessment, lender (bank) assessment and market value (selling price) of houses in City of Logan?

Asked by amlnlover100, Salt Lake City, UT Sat Apr 27, 2013

(sorry if I'm not using proper "terms")

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2
Their isn't a relationship as each value is used for a different purpose. County/City Assessors values are for property taxes.

Lenders Assessments are done when they are planning on perhaps selling their portfolio to show an increase or decrease of value. This is normally a desktop appraisal (if you will). More so for shareholders etc.

And a market value appraisal which is what many get prior to purchasing a home is used for loan purposes.

Have a great day;

Christina Solorzano;
CEO & SR Credit & Mortgage Consultant of
Everlasting Credit
Ex-Mortgage Broker of more than 10 years
http://www.everlastingcredit.com
0 votes Thank Flag Link Tue May 7, 2013
Hi AmInlover100, great question. To be honest, and to keep it simple, they are all completely separate valuations for different purposes. The County Tax assessor uses their own formula for determining what a property's tax value is. This is for tax purposes only; not market value.

The Lender's appraisal is what their appraiser determines market value to be. They come to this value by comparing similar homes in the same area that have the same characteristics. Realtors basically do the same thing when running Comps.

True Market value is whatever a Buyer is willing to pay for a property. This can sometimes be more than the lenders appraised value, but sometimes less, depending on the market.

Are you trying to determine what YOUR home is worth in Logan? Or are you looking to BUY a home in Logan?

Thanks,
Dustin Brohm
REALTOR
Equity Real Estate
(801) 455-8753 cell
Web Reference: http://goo.gl/yE5Ef
0 votes Thank Flag Link Tue May 7, 2013
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