Home Buying in Chanhassen>Question Details

Steven C, Other/Just Looking in 55317

tax records dont show best appraisal

Asked by Steven C, 55317 Wed Jul 21, 2010

Example Lower Garage not in it, Lower Level a Walk Out and Finished and with lower non egress bedroom,
and poured walls concrete foundation, spancrete garage floor and newly sealed and much more and sq ft way off

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Tax records are notoriously wrong - I don't know if I have ever seen one that is right.
0 votes Thank Flag Link Wed Jul 21, 2010
BECAUSE YOU PAY PROPERTY TAXES ON THE MUNICIPALITY'S APPRAISAL WHICH IS BASED ON THE DESCRIPTION OF YOUR PROPERTY ON FILE WITH THE TOWN (ASSESSOR'S OFFICE), HOMEOWNERS SHOULD VERIFY THE DESCRIPTION AT TOWN HALL....AND REMEMBER, AN APPRAISAL IS AN OPINION OF VALUE. REAL VALUE IS WHAT A BUYER WILL PAY AND A SELLER WILL ACCEPT.
0 votes Thank Flag Link Sat Feb 28, 2015
Some tax records are not 100% accurate because people add improvements to their homes.
0 votes Thank Flag Link Sat Feb 28, 2015
Assessed value does not necessarily have a direct correlation with market value. The most significant portion of County tax bill is made up from the assessed value of the property. The County Assessor's office determines an assessed value for a property based on recent comparable sales (or actual sale of the subject property), changes to the location of the property or the surrounding environment and overall market data. The assessment is issued on a yearly basis and can include an actual property visit by the Assessor for additional data. A property owner can also dispute an assessment if they feel the value was set too high or low. If you have concerned regarding your assessed value, I would contact your county assessor's office.

I hope this helps!

Scott Hutchinson
Edina Realty
scotthutchinson@edinarealty.com
http://www.scotthutchinson.edinarealty.com
C: 612 396-0692
0 votes Thank Flag Link Thu Jul 22, 2010
Tax records are not appraisals, they are what your taxes are based on. They can be close to actual values, but usually are not.
0 votes Thank Flag Link Thu Jul 22, 2010
Hi, Steven!
Yes, tax records are erroneous at best. They are a blanket overview, if that. And, just to be clear, they do not show APPRAISALS on tax records. They show tax assessed value or what the county calls "market value". It's just a thumbnail report so the county knows how much to tax for that property. There are ways to make that information more accurate but it requires the home owner to be more pro-active.
0 votes Thank Flag Link Thu Jul 22, 2010
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