Home Buying in Philadelphia>Question Details

Susan, Other/Just Looking in Philadelphia, PA

What is Assessment is that the close cost?

Asked by Susan, Philadelphia, PA Tue Apr 28, 2009

I was looking at house and it listed the information of the house and on the bottom is said assessment

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2
Hello Susan!

The Assessment is the way a home is valued to get assessed for Taxes - Local, County, and School.

The Assessed Value of a property has NOTHING to do with the current Market Value of the property. You want the assessed value to be as low as possible. The lower the assessed value the lower the Property taxes.

You can get information on the last sold amount by looking up the property in county records online if the county where the property is located has an online website. The only way you can get information on the last sale without the help of a Real Estate Agent would be to research county records. If the home has been sold since 1999 and it was sold through a real estate agent, this information will most likely be available by conducting a search in the local MLS - but consumers do not have access to this information - only a real estate agent can help you with this.

I hope this information helps you.
0 votes Thank Flag Link Wed Apr 29, 2009
The assessed value is the $ value the property is taxed on. For some parts of the country (like here in Hawaii) the assessed value is as close as possible to the market value of the property.
Of course, because market value fluctuates, it is just a general indication as to what the property is worth.
In some parts of the country , the assessed value is substantially lower than market value, so don't base your idea on what the property is worth on that number alone.
0 votes Thank Flag Link Tue Apr 28, 2009
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