Question Details

Duane, Other/Just Looking in Seattle, WA

Property Assessments out of Wack Big time... need some advise

Asked by Duane, Seattle, WA Mon Jun 23, 2008

I am a Canadian and not totally familiar with purchasing property in the USA. In Canada our tax assessments are very close (within 5%) of the market value... They like to keep up paying as much tax a possible up here. In any event I had run accross a couple of interesting properties one in La Jolla and the other in Seattle. The property in La Jolla is asking 700K and the assessment is only 50K. The realtor claims that it is an estate sale and that is why the assessment is low... doesn't quite make sense to me. The other is ocean front in Seattle.. again the realtor showed me an appraisal for 1 million and the assessment is for 300K... why is the assessment and market price or at least asking price so far apart??? and advise appreciated.

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You ought to speak to the tax assessor's office in the area you are looking and have them explain to you what the assessment is based on. Here there are townships where a house is assessed at it's full value, and others where it is assessed at a fraction. My house is probably worth about 600,000, but my assessment is under 100,000. My assessment has nothing to do with the FMV of the house.
0 votes Thank Flag Link Tue Jun 24, 2008
Rather than speak with the listing agents about the homes, get your own buyers agent in each area (one who is working for YOU, not for the seller and have them explain the local markets to you. If you need a referral to a great agent in either La Jolla or Seattle, I would be happy to recommend a couple of agents for you.

Let me know! Please contact me at http://www.HernandoLuxuryHomes.com - I'm happy to help!

Thanks,

-Josh
0 votes Thank Flag Link Mon Jun 23, 2008
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