Prudential California Realty
Beverly Hills, CA
The market value is what the seller (and/or the market) wants for his/her property. Assessed value is the city's estimated value for tax purposed only.
At times, the assessed value is over the market value, in which case the owner has to file a petition with the city to reduce the assessment and the tax that comes with it.
Here is every property on the market in Back Bay:
Hope that helps!
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The most simple answer… in the City of Boston most Tax Assessments (as a representation of value) are not up-to-date with the current Real Estate Market. Tax Assessments are based on a broad range of market data based on a history of sales in that area, and Assessments will slowly increase or decrease along with the current economy and Real Estate market trends. An Assessment anywhere from 10% - 25% below List Price is not uncommon.
Other Towns in the Greater Boston area may have Tax Assessments closer to actual List Price, especially if they are in an area known for better schools or higher municipal costs (police, fire departments, etc…).
The fact that the City Tax Assessment is lower than List Price does not necessarily affect the value of that property in the “real” Boston Real Estate Market; and keep in mind that a lower Assessment will mean lower quarterly Property Tax Bills.
Please feel free to contact me directly for further assistance with your property search.
Norman D. Hodson
Direct Line: 617-861-3630
Direct Fax: 617-294-4396
Keller Williams Realty
BOSTON - METRO
607 Boylston Street, 5th floor, Boston, MA. 02116
Office: 617-542-0012 . Fax: 617-542-0016 http://www.kwbostonmetro.com
Assessments do not take into account for style, layout and other "soft" characteristics that can add or subtract tremendous value on a property.