Home Buying in 53703>Question Details

Tom, Home Buyer in Wisconsin

How does the tax assessment of a home compare to the sales price in today's market.?

Asked by Tom, Wisconsin Sat Mar 5, 2011

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5
On appraisals in Wisconsin I've seen them coming in pretty close to the assessed value. A few thousand more but not the 10-15% that we've seen in years past.

You need to look at each home and area individually though. Sometimes the appraised value is quite a bit more.
0 votes Thank Flag Link Sat Apr 30, 2011
Tom

The tax assessment is determined by the muncipality so they have enough money to pay for schools, and streets, and all the stuff we get with our property taxes. This number is strictly a buget number to ensure enough tax base for an muncipality.

There is no formula that the says sale prices is "x%" more or less than assessment.

The only way to determine value/sale price is comparible sales in the area, and negotiating a deal with the owner.

Pat
0 votes Thank Flag Link Thu Apr 28, 2011
It is depends on many factors, such as area, condition of the property (upgrades inside the house) e.t.c. In S.Florida for example tax assessment about 20% lower than the sales price on regular sale.
0 votes Thank Flag Link Sat Mar 5, 2011
They tax numbers don't tend to jive with the actual market most of the time. The tax assessment numbers are taken on a very infrequent basis (every two years I believe. While the market is constantly changing. The best way to know is to look at other comparable closings that have happened in your area recently. This is a good starting point.
0 votes Thank Flag Link Sat Mar 5, 2011
These days they are pretty close. Not too long ago they remaind about 10 to 15 k under the current value.
Web Reference: http://EveryListingNow.com
0 votes Thank Flag Link Sat Mar 5, 2011
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