Home Selling in 04083>Question Details

Jamie Trillo, Home Owner in Springvale, ME

Does the tax assessment provide an accurate indication of a home value?

Asked by Jamie Trillo, Springvale, ME Wed Sep 4, 2013

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Jamie, the one thing that hasn't been mentioned is that each town has their own policy regarding assessments. I called one town and was told the only time they make adjustments is when a building permit has been issued. The property I had under contract had a assessed value of $350,000 and the purchase price was almost $700,000. This town had a $20 per $1000 valuation and my buyers were concerned that the town would reassess after they closed on the home and it would double their taxes! Certainly a legit concern. I suggest you call the town assessor and ask when their last revaluation was done and what their policy is.
0 votes Thank Flag Link Wed Sep 11, 2013
Generally no; assessed value is the value determined by the local tax assessor for the purpose of your yearly tax amount; in order to determine a fair price, review comps with your agent, recently sold similar properties in the immediate area.
0 votes Thank Flag Link Thu Sep 5, 2013
Jamie - the assessment is not always an accurate indication of value. Many times assessments have not been updated after a home has become vacant due to foreclosure or other circumstances, and the value is therefor too high. Other times, improvements have been made to the property that the assessor is not aware of, and the value could be too low. Also, in some cases markets are changing faster than the municipality is assessing, making the assessment out of touch with current value due to prices in general increasing or decreasing. Hope this helps! If you have a question about a particular property, please let me know!
0 votes Thank Flag Link Thu Sep 5, 2013
The assessment is not always an indication of the value of a home. You need to know if the home is at 100% assessment or not. You should have an agent provide you with a comparative market analysis, since he or she will have current data of listing as well as similar homes which sold recently.
0 votes Thank Flag Link Wed Sep 4, 2013
Usually no, the assessment in most areas is done every 5 years, it is to base tax bills on and should not be used to judge value. A call to a good local agent can easily complete a BPO for you and let you know what your home is worth.
0 votes Thank Flag Link Wed Sep 4, 2013
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