Home Buying in 07203>Question Details

Sil, Home Buyer in 07203

the assessed value considerably higher than the appraised value. is thos a bad deal?

Asked by Sil, 07203 Sat Dec 17, 2011

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Ron Thomas’ answer
The Assessed Value has nothing to do with the Appraised Value, nor the Market Value:
The Assessed Value is determined either by the Assessor or by the Last Selling Price of the Property.
The Appraised Value is determined by the last Appraisal, which is valid for 60-90 days and for that specific transaction.
The Market Value is determined whenever the Property is SOLD: An estimate as to the Market Value is derived from a Comparative Market Analysis, (CMA), done by a Real Estate Agent.

It would be interesting in many cases, to plot the three different numbers on a chart and see how they differ.

Good luck and may God bless
1 vote Thank Flag Link Sat Dec 17, 2011
I agree with most of the posters below.

If you feel that the assessed value should be lowered, hence your taxes lowered, give Matt Nolan a call @ 732.513.1357. He is a 25 year licensed appraiser who spoecialized in Tax Appeals. I recently engaged his services for my development and he has done a bang up job.

He offers a FREE, NO OBLGATION consulation and he he feels the taxes can't be lowered, he won't engaged you in a contract I only know him for a few momths and ALL of my clients are 100% satisfied with his services/feedback.

My apologies for any typos, but is just seems that everything online today is getting smaller and smaller even with my glasses!

Francesca Patrizio, Broker Sales Associate,, ePro, SRES
Jersey Shore
Francesca@Patrizio.RE.com
732.606.2931 (Direct/Cell 24/7)
Web Reference: http://www.PatrizioRE.com
0 votes Thank Flag Link Fri Jan 6, 2012
Hi Sil, there is not always a linear relationship between assessed, appraised, market values. I advise buyers and sellers of this, but also recognize that it is a variable, like a Zillow estimate, that may come up in discussion. I always make a point of reflecting on the relationship between price and assessed so that I can have this discussion with my client. Within a community, there are generally similar relationships between the values.

Best,
Jeanne Feenick
Unwavering Commitment to Service, Unsurpassed Results
0 votes Thank Flag Link Wed Dec 28, 2011
Appraised value is a professional opinion of the value of the specific property. Many factors are used to arrive at this number. The assessed value is assigned by the municipality to base the taxes on the property. More general details and evaluations are used in establishing the assessed value. General guidelines apply to similar homes in a given area. Assessed value can be out of line with the appraised value when it has been quite awhile since the municipality has performed a review of all assessments in the town. Especially in this time of economic down turn, the actual selling prices of the homes have fallen and this will be reflected quickly in the appraised value as the appraiser factors in recent sales of similar properties in the area. The assessed value doesn't change unless the homeowner files an appeal with the tax assessors office and it is approved or a reevaluation of all of the towns properties is conducted by the municipality. The most important thing to remember is that lenders base what they will lend a buyer on the appraised value.
Joanne Bernardini
Sales Associate
Keller Williams Oceanside Realty
one Atlantic Ave.
Ocean City, NJ 08226
direct line-609-200-1321
0 votes Thank Flag Link Mon Dec 19, 2011
Appraised value = the amount for which the lending institution is wiling to loan against.
Assessed value = the amount which the local tax office uses to calculate taxes due on the property.
Market value = the amount which a ready, willing and able buyer is willing to pay and which a ready, willing and able seller is willing to accept for a property.

It is the goal that market value and appraised value are close. The assessed value is often irrelevant to market value though that varies from township to township.
0 votes Thank Flag Link Mon Dec 19, 2011
Assessed values have nothing to do with what a property is worth in todays market. Assessed value is for tax purposes.... Appraisals are used to assess current market value.
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Sat Dec 17, 2011
Sil,
My colleagues are correct, there is no problem. Assessed value is for taxing purposes and is a very general idea of what the home might be worth. The appraised value is far more detailed and involves actual time in the home. The difference is general info versus very specific info.
0 votes Thank Flag Link Sat Dec 17, 2011
This could be a good deal! The market value of the property is established by the comparable sales, its current physical condition, location and possible future potential. The assessed value might not be relevant.

Oggi Kashi
Broker Associate, Paragon Real Estate Group CA DRE 01844627
All data from sources deemed reliable but subject to error and omission, and not warranted.
0 votes Thank Flag Link Sat Dec 17, 2011
Talk to your REALTOR. Assessed value in this market is usually higher than the appraised value. If you talk to your REALTOR he/she can explain the differences.

Laura Giannotta
Little Egg Harbor REALTOR
0 votes Thank Flag Link Sat Dec 17, 2011
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