safetrip, Home Buyer in 02138

How important is accessed value? Our house accessed value was lower than what we paid when you bought the

Asked by safetrip, 02138 Thu Jul 24, 2008

house 5 years ago and we think that the latest access value still is lower than what we think is fair value for the house.

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Answers

7
Wow, mike rafone (below) ... Does that kind of degradation actually get you business? Completely unnecessary.

Great responses below (minus mike the so called "real estate pro"). .
0 votes Thank Flag Link Fri Jul 25, 2008
Assessed value is important regarding the taxes you pay. Typically, a jurisdiction will take the assessed value, multiply it by a number, and arrive at your tax bill. For example, if your house is assessed at $100,000 and the tax rate is $1 per $100 of assessed value, then you'd pay $1,000 in tax for the year.

For that reason, from the perspective of paying taxes, the lower your assessed value, the better. It means you'll pay less in taxes.

You say several times that you believe the assessed value is lower than what you think the fair market value is for your house. That's good for you. If your assessment goes up, so will your taxes.
0 votes Thank Flag Link Thu Jul 24, 2008
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
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Wontak
The purpose of assessed value is so the county treasurer can collect taxes. Assessing real property is big job, so most counties re-assess on full transfer, and "as needed".

Most counties also have an appeal system so if you can prove that your property is worth less, then you can have your assessment changed. Curiously, I did check on line and did not find an assessor's website. Most Counties have a pretty simply system for appealing assessed values.

Good luck
0 votes Thank Flag Link Thu Jul 24, 2008
Keith Sorem, Real Estate Pro in Glendale, CA
MVP'08
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All great answers and right on target. An appraiser doesn't factor it in to his final amount and an agent doesn't factor it in when doing a CMA. However:; It is amazing how many buyers use it as a barometer when deciding on an offer price. For this reason only it is good to know the average ratio of sale price to assessed value in your local market.
0 votes Thank Flag Link Thu Jul 24, 2008
Wontak,
Plus, town assessments are typically 2-3 years behind current market values. The market is fluid and constantly changing. Town Assessors couldn't possibly keep up with the current market trends,

If you want a true current market value of your home, call in a few local real estate agents to perform a CMA (competitive market analysis) for free. Or better yet, hire an appraiser (around $300 for a single family) to tell you what the appraised value would be (don't confuse assessed value and appraised value).

Barbara from Memphis is right. Typically assessed values should be lower than true market values, but with the declining markets we've seen here in MA, it's best to check for sure!

Good luck,
Mike
0 votes Thank Flag Link Thu Jul 24, 2008
The accessed value of your home is almost always lower than the actual appraised value. This is the way you want it to be. Your property taxes are figured from the accessed value. So, the higher that is, the higher your property taxes will be.
0 votes Thank Flag Link Thu Jul 24, 2008
Normally a Town appraiser does thier assessments at 90 or 95% of fair market value. (check with your town office to determine what %was used) You always want your tax assessment to be lower then what its full market value is. Otherwise you would be paying more taxes then nessecary.
0 votes Thank Flag Link Thu Jul 24, 2008
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