Property Q&A in 77493>Question Details

Valerie, Home Buyer in 77859

How much does building/land assessment affect price/value of home for sale?

Asked by Valerie, 77859 Fri Nov 11, 2011

I'm considering property that has a total building/land assessment of $317,000 (down slightly from $325,000 in 2008). The property is priced at over $100,000 more than the assessment. How likely is this property to sell for (or very close to) the asking price? Can the assessment value be used as a negotiating tool and, if so, to what extent? Is it reasonable to hope that the property owners would come down to a price more in line with the assessment?

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Real Estate of all types are generally bought and sold according to what the market dictates. What if the assessed value was at $500K....would you make the arguement that it should be at a higher price? I am not trying to be a smart aleck. I'm just trying to make a point. The Assessed Value can be an indicator but it is definitely not something to trust. Look at the property (and all it's aspects) and look at the market,,,,those two items will give you a number to work with. Stuart
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0 votes Thank Flag Link Mon Nov 14, 2011
Well darn, that's not very encouraging. Guess I need to lower my sights. Thanks anyway.
0 votes Thank Flag Link Fri Nov 11, 2011
I believe what you are referring to is the tax assessment value of the building and land. The tax assessment has no bearing upon the actual market value of the property. A market value is what a willing buyer is willing to pay..and hopefully is a competitive price compared to other like properties in the area. The tax assessment value can be very low depending on if the property has protested their taxes in past years...if they have not fought their taxes then it can be closer to the asking price that someone has listed their property for... Hope this helps. Feel free to contact us for further assistance 281-846-5513.
0 votes Thank Flag Link Fri Nov 11, 2011
If you are talking about the tax assessment....I think they have nothing to do with market value. Could be way too low, or way too high. If they are set by a human, it is likely from someone who has never seen it. More likely set by computer.

You can read my comments on tax values at the link below.
0 votes Thank Flag Link Fri Nov 11, 2011
Bruce Lynn, Real Estate Pro in Coppell, TX
Valerie, It depends on several factors as to why the property is priced the way it is. If you would provide the property address, I can check in detail. Thanks
0 votes Thank Flag Link Fri Nov 11, 2011
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