Market Conditions in 28025>Question Details

Ksienerth, Home Buyer in 28025

how many homes sold below tax value in concord nc this year?

Asked by Ksienerth, 28025 Mon Oct 11, 2010

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This is a great question, however tax value and market value are not related. The tax value is how much the city/county want to get you to pay them. If they raise the base tax amount people would be upset and this could affect people living in Cabarrus County/Concord etc...If they just raise the tax value of your home, you really can't do anything about it. It is their way of getting money from you.

Market value is how much your house is worth in the real estate market right now. This number comes from recent sales and homes on the market. This is what the appraiser is going to look at when placing a value on your home.

A good example of tax values and homes sales as follows.

I took 6 homes in the same subdivision. All are the exact same floorplan and all built within 1 year of each other. I looked at each tax value and found that each home had big differences in tax values some up to $50,000 different. This is crazy. It depended on who did the tax valuation at that specific time. Now all the homees that I took had sold over the past year. Each of these homes sold for far less than their tax value and all had essentially the same price per square footage sales price give or take a few thousand.

Don't get caught up in market value and tax value, however you will want to know if your tax value is really high as you may wish to find another home that has more reasonable taxes.
0 votes Thank Flag Link Thu Oct 28, 2010
Your local Tax Office should be able to help you with this and your local Realtor Association will likely have information per this question for homes that have closed through their MLS.
0 votes Thank Flag Link Thu Oct 21, 2010
Any local agent can provide you with any information needed--however, do keep in mind-- if looking to buy and or sell, in order order to establish value, one needs to be aware of comps--recently sold similar properties in the immediate area--after reviewing the data a determination on price can be made.
0 votes Thank Flag Link Mon Oct 11, 2010
I can't give you an actual number, but the percentage of homes selling at or below their assessed value is approximately 90% in our area. Our current market has shown slight improvement in the past several months, but sale prices are still lower than they would be in a "normal" market, and some values are still decreasing. And with interest rates at rock bottom lows, it is a good time to purchase a home.
0 votes Thank Flag Link Mon Oct 11, 2010
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