There is a large discrepancy between the listed price and the assessed fair market value by nassau county.

Asked by Mommypark, Great Neck, NY Mon Aug 17, 2009

So what do I offer for a house?

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6
Anonymous123, Home Buyer, Oceanside, NY
Wed Aug 19, 2009
I don't agree with the previous answer. I have been comparing house sales prices for a while to the assessed values of Nassau county and it matches quite well.

In the period August 07 to July 09 (sales between $500,000 and $1,600,000) the Sales prices have been between +11% and -20% of the values posted by the county. There were a few outliers of up to -34% but these were exceptions.

Interestingly the assessed values in Great Neck, Manhasset or Pt. Washington have been assessed 20% lower in 2009/2010 than in 2008/2009.

One reason why it matches so well I believe is that home owners are able to reassess their assessed value if it deems to be too high.
1 vote
Anonymous123, Home Buyer, Oceanside, NY
Sun Aug 23, 2009
I won't get into an argument here and that is my last response.

I agree that looking at the assessed value is just one piece of information you should look at. It's an unbiased view of the real estate market which brokers (even the buyer's broker) usually don't have.

I also agree with the suggestion that you should ask your agent for ALL sold properties in the last 6 months for that school district. The agent can give you info on the asking price, sell price, how long it has been on the market, etc.

Good luck,
Tim
0 votes
TERENCE CAVI…, Agent, MALVERNE, NY
Thu Aug 20, 2009
Again , the answer comes down to the fact that the information that professional real estate agents receive is updated DAILY but the information used to compute the FMV of the property by Nassau County is
2 years old or even older .
Nassau County also does not use the same criteria to come to value for tax purposes as we do to figure what a property will sell for . I know that everyone gets told that there is a new valuation system and believe me its a lot more accurate than the old system , but until the valuation system starts using daily updates there will ALWAYS be a discrepancy between FMV for tax purposes and prices that agents suggest .
To give you an example . FMV only uses prices of homes that have sold . Agents use prices of homes that have sold and also of homes on the market . Whats the difference ? In a market such as ours , just think that prices are going down so any house price of a sold property from 2 years ago is totally useless since by many estimates local prices are going down by an average of about 10 % per year . So any home price that sold 2 years ago will probably have sold for 20 % more than todays sale for the same home .Thats why the FMV for tax purposes is NOT I repeat NOT a good benchmark to use for putting an offer in .Ask your agent for comps of houses that have sold and also houses on the market and then make your offer accordingly
0 votes
Anna M Brocco, Agent, Williston Park, NY
Wed Aug 19, 2009
The market value of a property is based on the sales for the immediate area. Nassau County does not update their information on a regular basis and oftentimes lags behind current sales. Base your offering price on properties that recently closed in the area and not on Nassau County.
0 votes
Anonymous123, Home Buyer, Oceanside, NY
Tue Aug 18, 2009
what's the address or section/lot/block and what is the listing price?
0 votes
Brittany Dean, , Wantagh, NY
Tue Aug 18, 2009
Hello! My name is Brittany Dean and I work as a mother-daughter team with my mother Lucie Dean. We are licensed in Wantagh with Cenutry 21 Prevete. Lucie has had experience for years in the business, and this year alone has had twelve closings, seven listings, and two houses under contract. To answer your question, the best bet to know how to go about an offering is to factor in all the positives and negatives that go along with the home. A real estate agent really does have the best knowledge on this situation, being able to access prices of recently sold homes in the area as well as giving an assessment of what the house could be worth. We service all of Long Island and would be pleased to get you a house for a fair market price! If you are interested in our services feel free to email me at bdean526@aol.com or call Lucie at 516-353-9965. Good Luck, I hope to hear from you soon

Lucie and Brittany Dean
Licensed Real Estate Agents
Century 21 Prevete
0 votes
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