Home Buying in Fort Atkinson>Question Details

Kelly, Home Buyer in Whitewater, WI

Does the assessed price for taxes have any impact on how much a property is worth?

Asked by Kelly, Whitewater, WI Sun Dec 8, 2013

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3
Assessments are a snapshot in time.
The market continues to change, sometimes daily.
So while market values change frequently, the assessment only changes when something has happened to the property that the assessor comes and looks at it. For Instance, you remodel or add on to your house. Maybe build a garage or pole building. Or perhaps buildings have been removed or destroyed. Another reason might be that the municipality orders a reassessment of all the property in its borders.
Assessments are only helpful to a very limited degree because they are a snapshot in time. they have some value only if you are familiar with the property or understand the market the property is located in.
0 votes Thank Flag Link Sun Dec 8, 2013
In today's market, the assessed value is not really a reliable indicator of the true market value of a home. Previous to 2005 many homes were selling at or above assessed value but today we have a very different market where homes are typically selling anywhere from 10% to 20% below assessed value. There are however many additional factors that will influence the final sale price of a home...location, condition and the current economy are a few not to mention buyer motivation. The right home in the right location can still sell above assessed value but the best indicators are current "solds" or "pendings" in your neighborhood. If you are considering selling or buying I would be happy to assist with a free market analysis. This will give you a current picture of your local market and home values. Feel free to contact me if you have any other questions, Cindy
0 votes Thank Flag Link Sun Dec 8, 2013
It usually does however not in all situations. If you are wondering how much your house is worth feel free to text or email me. I would be happy to give you a free market analysis.

Kathy Knight
0 votes Thank Flag Link Sun Dec 8, 2013
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