Assessed Area v/s Listed area

Asked by homebuyer, Reading, MA Tue Jul 29, 2014

The home we bid has a far lower assessed area that what is advertised as the liveable area. It is a split and looks like assessor did not include finished lower level .

Adding the lower level will significantly increase the tax

What are my risk going ahead with this ? All our monthly payment calculation are based on current taxes and if it increases significantly , the monthly payment will be difficult for us.

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Richard Shap…, , Framingham, MA
Thu Jul 31, 2014
Appraisal rules do not allow below grade to be considered part of the square footage calculation. A home with a finished below grade area though should sell for more than a similar property that has unfinished below grade. I would not be concerned regarding the assessment. It would be best to compare the Assessment to similar homes in the town you are interested in. If the values fall within a range then you should have no concerns.
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