Property Q&A in Sandy>Question Details

Z, Home Buyer in Salt Lake City, UT

Looking at the SL county tax assessor site it seems as though this house is overpriced by a good $20K, any particular reason why that might be?

Asked by Z, Salt Lake City, UT Thu Mar 21, 2013

Recent Assessments
2012: $162,900
2011: $182,100
2010: $191,900
2009: $197,300
2008: $210,100
2007: $204,000

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The home at 10567 Crocus is competitively priced. Several important things you want to consider when looking at the assessed value of this property are 1). The assessed value you are looking at is as of January 1, 2012, and our market has increased by 10% + since then. 2). The assessor uses an algorithm to determine home value. They are unaware of any updating to the home since 1991, yet the listing clearly shows the home has been recently updated. There is always room for negotiation. Please contact me for additional information.
1 vote Thank Flag Link Thu Mar 21, 2013
The County assessors value is not an indicator of market value. The Assessor uses their own formulas and calculations to determine how much to value it for tax purposes only. To truly determine market value, the home must be compared to other similar homes that have SOLD in the area. This is how appraisers and Realtors determine market value.

After doing some comps of my own, I believe it is priced appropriately. But hey, everything is negotiable in Real Estate! Please let me know if you'd like to see this home.

Dustin Brohm, REALTOR
(801) 455-8753
Equity Real Estate
1 vote Thank Flag Link Thu Mar 21, 2013
I just ran comps on the home and it seems to be priced appropriately for the market. Also county assessor values tend to be off due to the fact they are based on historical data. The current market is going up and that would also account for the difference in assessed value and listing price. To really get a feel for the value of this property I would need to go take a look and make sure I am using the best data to get a value.

Mark Quaintance
1 vote Thank Flag Link Thu Mar 21, 2013
Those values always seem to be lower than actual value
0 votes Thank Flag Link Tue May 21, 2013
FIRST....the government does not set sales prices for residential homes unless it is a HUD home. Buyers determine sales prices. Any buyer that is out there looking at homes and wanting to use the tax gals #'s...is not a motivated buyer. If you were a motivated buyer who only wanted to get the best price or most fair price...you would know there is much more to home pricing than what the tax authority says.

The agents that responded to this question are ALL CORRECT...that home is well priced for the condition and size of the home. I do not have to look up comparables because I live and sell homes in Sandy. I already knew the answer to this question without looking up recent solds.

You should know that SUPPLY & DEMAND rule the local Salt Lake area real estate market. Does anyone know how many homes under $185,000 that are available for sale in Sandy (not including short sales) that you could buy? 7 including the subject property...DO you know how many homes are for sale under $200k in Sandy (not including short sales)? 11.

Those low numbers are continuing to push prices up. Maybe a year ago...you could have bought that home for the assessed value...but no more.

The tax woman does not look at supply or demand when setting your homes value. You should not either. Tax values are set so the gov't can collect taxes...not so they can buy/sell homes.

To prove my point....you should ask your agent to pull up 3 or 4 recent sales in the neighborhood you like...then take a look at the assessed value. AND you will see that BUYERS set prices. You will see that the SOLD prices are 99% of the time...HIGHER than assessed value... CAUTION...this will be in reverse when the market begins to drop during the next low cycle.....The assessed value will be higher than the actual sold prices (this is what happened in UT starting around 2007).

What am I saying..? either you or your agent should know how to read the market with ALL available inputs. You should know about supply in the neighborhoods you are looking at...you should know what the condition and layout was of recent solds VS. condition and layout of active listings.

IF you want to test my theory.....make your offers at the tax assessed value on your next purchase attempt. Once you watch a few homes that you liked get sold to other people...you may believe what we are all saying....."your perspective is incorrect and you need better data and advice".

Brandon Hacker, Realtor with Exclusive Real Estate
801-999-8084
0 votes Thank Flag Link Fri Mar 22, 2013
Bit of a condescending response, don't you think? And what is with the CAPS for emphasis, this is not a message board on reddit.

I learned many things from everyone who has responded, and I thank you for that. I also learned who/which company I will not consider going forward.

Two birds with one stone, nice!
Flag Fri Mar 22, 2013
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