ASSESSMENT 0F MY HOME IN 2006 (TOWN) WAS 820K WHAT SALES PRICE TO EXPECTED IN 2012?

Asked by Jacob, Hanover, NH Thu May 17, 2012

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Shane MacDon…, Agent, Hanover, NH
Thu Jun 21, 2012
Jacob,
The best thing to do is take a snap shot of the current market. I just did an analysis for Lebanon, NH and compared list price to assessed value and then sold price to assessed value. I would be happy to do the same for you if you would like?
0 votes
Scott Godzyk, Agent, Manchester, NH
Mon May 28, 2012
Jacob typically market value and assessed value have no connection. Especially for a 2006 assessment. Assessed values from your town are simply for tax purposes. You can easily get a free market anaysis on your home where Brokers use 3 sales form teh last 6 months that are similar to yours and 3 listings currently on the market to asess what the current market value is.
Web Reference:  http://www.ScottSellsNH.com
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Chuck Braxton, Agent, Meredith, NH
Thu May 17, 2012
Hello, Jacob:

While assessors have a tough job and buyers will tend to look at current assessment as a possible starting point for negotiation, I would observe that data from 2006 is obsolete, to say the least.

The NH Dept. of Revenue Administration monitors the assessment data of all cities and towns and will each year publishes a statewide analysis of the equalization rate in each town. The equalization rate is the ratio between the town-wide assessments and fair market value. So a town that had an equalization rate of 100% would have assessments on a town-wide basis that are equal to what the state believes to be fair market value. The state supposedly requires towns to have assessments within 10% of fair market value ON A TOWN WIDE BASIS.

Within the data of course there could be a much wider variation on a particular property. There are a number of reasons your assessment may not be a good basis for pricing for the market. Craftsmanship, quality of materials, land features (e.g. view, water, etc). Assessors may not be comfortable making big adjustments for things that the market values highly, but are difficult to quantify. The view is a good example. Read my article entitle, What Is That View Worth? at this link http://db.tt/AHsm7hMI . Privacy is another.

If you provide specifics I will be glad to provide a comprehensive review of pricing metrics for today's market.

Warm Regards,

Chuck Braxton, REALTOR GRI
603/677-2154
cbraxton@metrocast.net
0 votes
Rich Homer, Agent, NAPLES, FL
Thu May 17, 2012
You need to engage a local Realtor to get solid information, Try here http://www.trulia.com/voices/directory/Hanover-broker--17415
http://www.naplesrealestateguys.com/blog/
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