Many times the fiqure that you may see on the internet will be different from the final figure from the title company. The title company figuers should be more accurate but they will not be exact. Make sure you talk to your agent and the title company about how the proration works and what you can do if the final tax bill for the year is larger than what the proation was based on.
Best of Luck .. Bruce
You might mean "bank appraisal" vs "tax appraisal". Two totally different things and often two very different numbers.
Tax appraisal is the value the county tax assessor computer has given to your home. This is what is used to calculate your taxes.
The bank appraisal is used to help the bank determine the collateral value of your home.
Each year around April or May when the tax values are published there is a period of time when you can protest the tax value. You might be able to use the bank appraisal to lower the value if you think the county number is too high, and if successful this would lower your taxes.
If you are in Texas you might read my blog post about tax appraisals at:
Great question. I am assuming you mean the appraised value when you are referring to the title company's assessment because the title company does not place a value on your property. They act as an impartial 3rd party during the transaction.
Your City or County assess the value of your property for taxing purposes. In most cases. The appraisal is used by the lender to determine value for your loan. An appraisal will in most cases be a more accurate valuation of your property as it is based on recent comparable properties that actually sold.
Of course the best way to determine the value of a home is what a willing buyer is willing to pay for it. When looking for a home your Realtor will pull comps so you can see if the home is priced fairly or not. You can also compare that to what the home is tax appraised at as well.
It is your agents job to help you make an educated offer based on recent sold properties as well as other homes listed on the market. Remember other homes listed on the market are not always a good representation of value because they could easily be overpriced. If you would like more information on making an educated purchase offer you can read my blog that I posted here on Trulia last week. You can find it in my profile. Make sure you are comfortable with your agent that he or she will take the time to make sure you understand the market where you wish to purchase your home.
Here are some short definitions:
Tax appraisal - the amount assessed by your local taxing authorities on a property by which your annual taxes are calculated.
Fair market value - what any property will bring in a current marketplace, which is based on many different factors. This could differ from one month to the next, year over year, even week over week depending on market volatility, condition, location and desirability. Also generally stated as "what a buyer will pay and what a seller will accept".
Lender's appraisal - the amount a lender will justify loaning on a given property plus any down payment made by a buyer.
There are a lot of nuances to value. A good Realtor can assist you with questions and help you understand what value means in terms or different assessments.