Home Buying in Anaheim Hlls>Question Details

Liensuyi, Home Buyer in Palm Springs, CA

what should I do when the value of public record mismatches my true purchase price?

Asked by Liensuyi, Palm Springs, CA Fri May 17, 2013

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8
NOTHING... your assessed value is not based on current market value. if your home is much lower in value, then try an abatement to lower your taxes.
0 votes Thank Flag Link Tue Oct 22, 2013
Nothing the assessed value only pertains to your tax rate.
0 votes Thank Flag Link Tue Aug 6, 2013
What public record are you talking about? the tax data base rolls maybe?
That is almost always off. The county does not re-assess homes usually for a very long time. So generally the home is worth more than it says. Most people do not ask for a new price because then the taxes may go up! When values went down so much many people did ask for a new assessment as they were paying too much.
This tax record does not matter to you in most cases. The best way to determine value is to have an appraisal done on you home. If this is for court one may want to pay an appraiser for the value, if just for information, call a local realtor. The realtors value will be free and the appraiser will charge about $450 for theirs. The result will be nearly exactly the same!
Connie Bramble
Prudential CA Realty
714-337-8718
dre #898302
0 votes Thank Flag Link Fri May 17, 2013
Public records are just that, public record, they don't mean much untill you have a specific use for it.if you are more specific on what you are teying to accomplish, i can give a more specific 'solution'
0 votes Thank Flag Link Fri May 17, 2013
Well that depends on your reason. If you want it higher because you want to or are going to sell it really doesn't matter.
Most buyers in today's market know what houses are selling for even if value is less on public web-sites.
If you are talking about county records and you want to lower your public record so your property taxes are less you need to contact your local assessors office and provide them with comps to lower your value and are taxed amount. Usually your Realtor can provide you with some.
Web Reference: http://www.LauraCoffey.com
0 votes Thank Flag Link Fri May 17, 2013
Using public records and computerized generated information as the sole tool to determine value is generally a problem. The best source of an accurate evaluation is via an appraisal or a realtor generated market comparison.

Hope this is helpful.

Bill
0 votes Thank Flag Link Fri May 17, 2013
Keep in mind that assessed value has no bearing on market value; assessed value is a valuation placed on the property by a public official for the puropse of taxation; whereas market value is the probable price an informed buyer is willing to pay, and what the informed seller is willing to accept; therefore to determine a fair offer review comps with your agent, recently sold similar properties in the immediate area, see what the data suggests and go from there. Keep in mind that if a property is priced on target, or slightly below, multiple offers may occur...
0 votes Thank Flag Link Fri May 17, 2013
The public record is typically the tax assessment for the property and often has little to nothing to do with market value. Values can change daily, but the tax assessor is making changes FAR LESS FREQUENTLY, so it's not likely to match when the market is very volatile. Best advice...make sure you have an agent and they are advising you as to the actual market value of the property, which they should be proficient in determining. Best of luck...
0 votes Thank Flag Link Fri May 17, 2013
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