J Lauver

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Can someone describe the relationship btw bldg assmt & land assmt vs. price?

Asked Tue Dec 4 2007, 12:02 by cdjcty - 08844 - Home Buying - 7 answers

J Lauver answered:

Working as an Assessor, in a town that re-assesses yearly, I can tell you that even if a township reassesses yearly, the numbers aren't going to reflect the actual current market. But they will be close. A re-assessment and/or revaluation uses the prior year to calculate values. It's a long process. Towns that don't re-assess or go through a re-val have "ratios". As the market changes the ratios are changed to calculate the assessment to current market value. Always call the Assessors office to see when the last re-assessment/reval was and find out the ratios. Typically listings are higher than assessments - Thu May 15 2008, 07:56

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