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Charlene Mck…, Home Buyer in South Middle River,...

RE Property Taxes When is says the "market value" for the property does that mean what it last sold for?

Asked by Charlene Mckay, South Middle River, Fort Lauderdale, FL Sat Feb 19, 2011

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It depends on where you are getting this question. Usually Market value refers to the price that a seller of real property can expect to receive from a buyer in a fair and open negotiation. What it "Last sold for" would be a assessed value at the time of purchase but would have nothing to due with today. Hope this Helps

Robert Tolkan
Advanta Realty
954-482-7365
1 vote Thank Flag Link Sat Feb 19, 2011
property tax in Broward is calculated just value
0 votes Thank Flag Link Fri Mar 4, 2011
On the appraiser's site, bcpa.net, " just value " is shown. This is the equivalent of market value which is the value a property would sell for in an arm's length transaction. However for 2011 that number is an estimate and is not definitively set until June. Further down the page, past transactions are shown. Some of these deals are qualifying, shown with a "Q" meaning that deal is considered to be at arm's length and is used to determine just value.
Questions? contact me:
Rick Scrabis,
954 232 0300,
scrabis.r@ewm.com
0 votes Thank Flag Link Mon Feb 21, 2011
It depends on the property tax structure in your State. In our community the market value is usually about 75% of what the actual sales value would be for the property in the market of the day. Right now that is not really true because tax values were raised during the height of the market and have not been re-adjusted based on the price decline of the past few years.
0 votes Thank Flag Link Sun Feb 20, 2011
Market value is the most probable price property would bring in an arm's length transcations (i.e. a transaction based on fair conditions,not involved relatives or otherwised biased parties) under normal condtions on the open market. Market price-is what a property sells for-its sales price.
0 votes Thank Flag Link Sun Feb 20, 2011
Regarding property Taxes in Broward County bcpa.net is the definitive site. This is the property appraisers site. Here you can find information on all properties in Broward County and answers to most questions about property taxes. There is a calculator that will estimate your taxes.

Mark Tracy
Charles Rutenberg Realty
954-218-4490
marktracy411@gmail.com
0 votes Thank Flag Link Sun Feb 20, 2011
Hi Charlene:
Market value is based on the assessed value of that property in the market when the taxes are being assessed. If you buy a property this year, you will continue to have the property taxed at the current owners tax rate and then next year it would convert to be about 2.2% of the market value.
If it will be a primary residence, then $50,000 would be deducted before you are taxed. If you currently own a primary home and are moving to another primary home, you would be wise to use the portability transfer also, which saves you a lot in taxes.
I hope I have assisted a little. Please contact me if you are not working with another Realtor and I can assist you with anything related to Real Estate.

Kind Regards,

Lynne Hale - Broker Associate, CRS, e-Pro, CIPS
Century 21 Hansen Realty Inc
954-303-0071
lynne@lynnehale.com
0 votes Thank Flag Link Sun Feb 20, 2011
You need confer questions to buyers agent who is reviewing the documents you have questions about

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
0 votes Thank Flag Link Sat Feb 19, 2011
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