Home Buying in Columbia>Question Details

cola2009, Home Buyer in 29229

My husband and I have been thinking of purchasing a home in the 29229 area. I know prices have gone down in

Asked by cola2009, 29229 Thu Feb 5, 2009

most areas. However, I'm a little confused about the difference between assessed market (according to tax records) and sales price. We're looking at a particular home and the market value is 258,800. However, the sales price is 325,000. What does the discrepancy mean?

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I agree with Page. The tax assessment is not meant to be used for market value. You should really use the recent sales in the neighborhood or surrounding area (comps). The 29229 area is a great area!


0 votes Thank Flag Link Fri Feb 6, 2009
Again, the tax assessment is not meant to be used for market value. However, it is one of the numbers many on-line services use to generate an estimated market value. That's why it is best to consult a Realtor who has access to recent sales along with details of the sold properties, etc. to get the best information.
It is confusing! The assessed value is what the county uses to calculate how much a homeowner owes in property taxes.
Web Reference: http://www.pagelatham.com
0 votes Thank Flag Link Fri Feb 6, 2009
Please let me do some research for you. If the house is just a couple of years old, I personally don't think there should be that much difference unless it is in a sought after area. You really need a Realtor to help you. If it's not me, then please find a good one to help assist you.

Darlene Vause, ABR, Realtor
ERA Wilder Realty
0 votes Thank Flag Link Fri Feb 6, 2009
Thanks for the response. Our main concern was that these are fairly NEW homes (around 2005 or 2006) and the assessed value appears to be 50,000 LESS than the sale purchase price. That's concerning to me. I wouldn't think anything of it if the values were closer together or if the home is older.
0 votes Thank Flag Link Fri Feb 6, 2009
I agree with the previous answer. It is a very confusing process for consumers. That is why you have Realtors, such as myself, who sell homes in that area and can decifer all of the tax information.

Contact me, I would love to assist!

Roslyn Ferrell, MHA
Coldwell Banker United, Realtors
0 votes Thank Flag Link Fri Feb 6, 2009
The assessed value on the tax record can be from a previous sale or an old appraisal. It does not fluctuate with the market and is not updated every year. If a home has had the same owner for many years and no improvements/additions recorded, the assessed value can be way under the true market value.

For example, a house sold new in 2002 for $120,000. It sold again in 2006 for $141,500. The tax record today shows the assessed value at $121,000.

The "assessed value" is the figure used to calculate the property tax, and is not an actually statement of market value.

To find out if a home is priced right, consult a Realtor. As your buyer agent, your Realtor can calculate what the fair market value is by pulling data on recent comparable sales and also by looking through the property to check on it's condition.

Hope that helps!
Web Reference: http://www.pagelatham.com
0 votes Thank Flag Link Thu Feb 5, 2009
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