Sorry we all wish it were that easy. The assessment has nothing to do with a current selling price. The only gage of a deal is what else is selling. If you are working with a realtor ask the realtor to pull comps on the house you are interested it. If you are not then go to the local tax office and ask them if they can give you the sales statistics for that neighborhood for the last year or six months. They review and make sure you look at the square footage, age, garage size, etc. It is not that hard it just takes a little work.
Best of Luck,
Linda J Sears
See if you can get a copy of the Friday, May 9th, Daily Press and see the article about local assessments on the front page. It will give you some insight as to why assessed values are going up in a down year. You may be able to find the article online at http://www.dailypress.com. If you can't find one, call or send me an email and I'll mail you my copy. You could even pick it up at my office.
In answer to your question about assessed value and asking price, there is no real "rule of thumb". The tax assessment is really NOT a good measure of value for property here. Ask a reputable Realtor to do a market analysis for you.
You asked,â€ Does city assessments ever go down?" And yes they do, but not very often or quickly. The city, county and state receive monies from your assed value. Lower them, regardless of what the market is doing, makes them take a pay cut. Most government agencies donâ€™t like that.