The tax assessor generally looks at the home compared to the other homes in the area that have sold and adjusts the taxes if necessary based on how your taxes compare to the other homes around you.
As far as selling the home goes, if the home is priced correctly it will sell and it will sell at list price or at least very close to list price. Where we get the big gap between list price and sale price is because the value was not correct in the first place. The market actullay tells us what the home should sell for and if we price the home correctly the market will find it compelling and purchase it.
The marketing of your home and the presentation of your home to the public has a huge impact on getting potential buyers to the door. After that the condition, location and price are what moves them to purchase.
You have a few questions rolled into one. Every house will sell for a price, even one with a train and a highway nearby. There will be a subset of people who will not consider the house, but that goes for every house. Buyers are always looking for deals, so unless you are giving away a property the Ask/Sell ratio will be less than 100%. Many owners believe their house is worth more than it is, and that is driving the ratio down to the low 90s.. All that said, it comes down to what you are looking to sell the house for. If you want/need $X, but the market will only offer 90% of X, then you should not sell. Talk with a couple agents to see what they think the value is. If they are in your ballpark, then you could investigate selling further. As far as taxes go, remember the taxes are paid in arrears. The second installment of your 2011 tax bill is due in ~3 weeks. Depending on your timing, the impact of your list price on 2012 taxes may be a moot point. If you sell before your next tax bill arrives, you will be paying an estimated tax bill which is based on your current one. Hope this helps.
You can price your house slightly above fair market value and still get your price. Where people run into trouble is when they try to get "just a little bit more" than that. A Realtor has access to current information and sales prices in your area, and factors in details like railroad, highway, close to schools, parks, shopping, etc. Your best bet is to contact one of us. I successfullly appealed my own taxes in Lake County last Dec. It can be done.
Lela Theriault, Broker
Baird & Warner - Barrington
It is best to appeal taxes after you purchase, and the new tax amount should be calculated on that sale number. If you are planning to sell, make certain to review this carefully with your agent. As far as pricing, we agree that it can be tricky. To get specific about your property we would want to know more about the location and the condition, however there will be a sweet spot for selling when you take all of these factors into consideration. We can assure you we are seeing signs of this market changing. Multiple offers are happening, and pricing is critical. There are trains in Barrington, this is a fact we all must live with, yet there are many reasons why buyers will consider living in this area. If you are ready to list your home, talk with an experienced broker. We would welcome the opportunity to be your trusted adviser! Homes in 60010 are selling! It's a great time to be on the market, so call us to find out what we do for our clients that make the difference! Sincerely, Tara Kelleher