Property Q&A in Noblesville>Question Details

Abergdol, Home Buyer in McCordsville, IN

Curious to why the Sale price (349900) and market/assessed price (287500) are so different. I see the house sold for 197 in 2009.

Asked by Abergdol, McCordsville, IN Fri Dec 7, 2012

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This question was asked from this property: http://www.trulia.com/property/2007155154-21381-Oakview-Dr-N…

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3
Abergdol,

There is often a real difference between the sale price and assessed value.
I don't rock the boat because most often my clients have lower assessed
values than the market price allowing them to pay less property tax.

This home has had a lot of improvements made since it sold in 2009.
It was bank owned at that time and had mold in the basement. The new
owners remediated the mold, added a pool and a new kitchen, new flooring,
windows, etc.

Larger, water front homes here have sold for much more than this home is
listed. And the value is certainly here. The only other 5 bedroom on the
market here is priced at $479,900. Another 5 bedroom home sold in this
neighborhood in the last year for $529,900.

If you'd like to see this home and others, please give me a call.

Thanks for asking,

Marita Topmiller
Broker/Realtor
317.513.4652
marita@maritatopmiller.com
0 votes Thank Flag Link Fri Dec 7, 2012
The assessed value is for tax purposes only and is used to calculate property taxes. The assessed value and market value (determined by comparable sales prices, demand, supply, location of home, condition of home, etc) are two completely different values. The assessed values and market values of homes are moving closer together all the time, but in general, they are independent values.

Hope this makes sense and helps!

Sincerely,

Roger Carter
Broker
Hamilton County Real Estate Co.
0 votes Thank Flag Link Fri Dec 7, 2012
This is a common question I get from clients. The assessed value on the tax record is the valued assigned by the assessor's office for tax purposes. While Indiana has tried to move toward a closing match between assessed value and market value, rarely does that match up. Houses in Hamilton County often sell for more than the assessed value, because it doesn't take into consideration things such as updated kitchens (as this house has). Assessed It sold for much less in 2009, because it was a bank-owned property with mold, according to the listing.

When I do an market analysis of a property, I look at recent sales of similar houses withihn the area, which is the best indicator of what the market will pay for a house.

Hope that helps. Feel free to let me know if you have additional questions.

Laura
0 votes Thank Flag Link Fri Dec 7, 2012
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