Market Conditions in Bristol>Question Details

Kevin, Home Buyer in Bristol, RI

how do sale prices of homes compare to assessed values?

Asked by Kevin, Bristol, RI Tue Mar 31, 2009

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General real estate values are different from assessed values. General real estate values fluctuate monthly, whereas assessed values remain constant for the year. General real estate values reflect the amount the property would sell for in the current market and include the value of the land and any improvements. Assessed values reflect a percentage of the value of the land and the improvements based on state and local property tax laws, including any bonds and assessments passed by voters. Additionally, general real estate values do not necessarily equal assessed values.

you can check a property estimated value instantly on http://www.OnlinePropertyValue.com also no cost or sign up required.
Hope this helps
Denis DaSilva-Broker CDPE, LMC e-Pro
Managing Partner | reavolv real estate | Website: http://www.reavolv.com
phone: 508-813-6875 | email: Broker@reavolv.com
Broker License for Massachusetts and Rhode Island
0 votes Thank Flag Link Thu Oct 3, 2013
It varies greatly property to property. The two most important factors are location and condition of the property.
Assessed values often don't take into account upgrades done to a property that set it apart from neighboring properties.
0 votes Thank Flag Link Mon May 10, 2010
Hi Kevin,

Tough question to 100% pinpoint, It really varies town by town. Would depend on how often they are reassesing the values, what kind of valuation process they actually have. The tough part is that very rarely do cities actually do a physical inspection of the interior condition of a property(not is it even feasible). I mean you can look at a house that has 5 bedrooms, 3 bathrooms, on 3 acres of land that sells for 40% of its assessed value because the interior is a pit. Or a well kept little 1000 Sq. Foot ranch that sells for 110% of assessed value.

I hope that helps at least a little. Your best best is to look at what comparable properties have sold for in the last 6 months to come up with the "market" value of a home.

Happy Hunting,
Chris
0 votes Thank Flag Link Tue Mar 31, 2009
Hello Kevin,

It depends on factors such as if it is a Market Value sale, Short Sale or a Bank Owned Property as well as other market conditions. But recent sales show that your looking at the following numbers:
Market Value- 90-95% af Assessed
Short Sale- 75% of Assessed
Bank owned- 60% of assessed
These numbers are based on what is listed in the MLS as sold in the last 60 days.
The best way to know the value of your home, or a home you are looking to purchase is to speak with a Realtor. Going by assesment alone is not in your best interest.
0 votes Thank Flag Link Tue Mar 31, 2009
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