jckelleher, Home Buyer in Raleigh, NC

If the tax value of the house is 293,000, valued at the height of things in 2008, what is a reasonable offer on this home. It is in fair condition.

Asked by jckelleher, Raleigh, NC Wed May 23, 2012

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Starlynn Love Nipper’s answer
Michael and Venita are correct in that 1) Tax Value is pretty low on list when determining an offer price, 2) working with a REALTOR definitely covers you and helps you.

REALTORS can pull what is called comparative market analysis and help see what the fair market value is for the home. REALTORS are trained to discover and disclose and we can help a Buyer in a walk through/showing of the home along with pricing. There are a lot of positives in working with a REALTOR that will help you with your questions along your journey of house searching.
1 vote Thank Flag Link Wed May 23, 2012
Hello Jckelleher,

Tax values are values derived or assessed by the city to determine how much you will pay in city and county taxes.

Unfortunately tax value and property or market value have little if no correlation whatsoever. You will only be able to tell real underlying value by a study of the comparable sales in the area, typically done by a licensed real estate agent.

Since the Triangle has had relatively solid appreciation (in certain communities), most of the tax values are below the asking or list prices; this is a good thing in several ways, 1) you are paying taxes on less than the actual value of the home, and 2) values are increasing!

If you are not currently working with a licensed real estate consultant i would love to speak with you and help you derive at the best reasonable offer to present. Contact me with any questions you may have Mark@PremiereTriangleHomes.com.

Look forward to hearing from you!
0 votes Thank Flag Link Wed May 23, 2012
Tax value is of little importance if determined every 8 years. The appraised value is the most important. Also, of utmost importance, is if it is a detached home vs. a condo. If you make an written offer that is accepted w/o language that protects you if it doesn't appraise, then....

Like Michael Colvin advised, work with a Realtor (i.e. Buyers Agent) if you are purchasing. If its a For Sale by Owner (which can be a disagreeable Owner), then....
0 votes Thank Flag Link Wed May 23, 2012
There are many factors involved in determining value, sadly tax value is low on the list. You must let a realtor help you with the purchase and construction of an offer to purchase, there is no cost to you the buyer so it would be unwise to not have a realtor.
0 votes Thank Flag Link Wed May 23, 2012
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