Seth Campbell

I'm a:	Real Estate Professional
Location:	Worcester County
Web sites:	The Way Team website

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Is % of asking price over tax assessment a good measure of whether a property is overpriced relative to comps?

Asked Sun May 13 2007, 07:52 by Mages99 - 02127 - Market Conditions - 12 answers

Seth Campbell answered:

No, never use tax assessment when trying to calculate comps. Being a numbers guy, I have tried to find a pattern for valuation using tax assessments for hundreds of homes and it just never works. The problem is the inconsistancies in tax assessments. They are all over the place and half of the time aren't even accurate for what they should be. So the data on that side of the valuation is wrong - making the output wrong. To even get close to an accurate reading you would need to use a large number of homes both sold and unsold to see a pattern. Since you're probably searching for a comp on a single unsold home, it can't be done because that tax assessment may be off for that single home. - Tue Jul 10 2007, 04:39