Lu, Other/Just Looking in North End, Tacoma, WA

How much are Tacoma North End homes (the Proctor area) selling for above the Pierce Co. tax assessed value -what percentage is added to the list price

Asked by Lu, North End, Tacoma, WA Thu Jun 24, 2010

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I live in the neighborhood. Assessed values to not correlate to sales price at all. Fortunately, the North End has held up value-wise, however often times the sold price will be less than assessed value. It really just depends on a lot of factors.
0 votes Thank Flag Link Sun Aug 15, 2010
To much weight is put on the assesssed value, especially in a market like today. If you go to the assesssors website there is a bulletin that homes have not been physically inspected or valued to the state laws requirements. So to answer your question- Put very little basis on the assessed value. If you have a specific hous in mind ask a realtor for a CMA. It is free!
0 votes Thank Flag Link Fri Aug 6, 2010
Hi Lu,
Assessed value versus selling price is an interesting number to look at, but buy itself is not a reliable guide to base an offer on. Tax assessments are based on general information, potentially unreliable square footage of the home and do not consider substantial upgrades or severely defferred maintenance into effect.
If you are planning to sell or buy a home you have a couple of choices to determine how to best determine value. Hire an appraiser or an experienced knowledgeable local agent.
As an agent I use many different tools to consider where to price a home, one of which may include comparable sales assessed price versus sale price, but also the most similar general sales, dollars per square foot and competitive homes currently on the market.
One other factor to weigh into your question, 2009 assessed values are considerably higher than the are for 2010. Make sure if you pursue this that you use the same year for all your comparisons. Best of luck in your real estate looking.
0 votes Thank Flag Link Thu Jun 24, 2010
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