This house was under-assessed by the tax appraiser because the square footage for the upstairs was not included.

Asked by Jaci101, Lubbock, TX Mon Jul 2, 2012

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Tim Garrett’s answer
Tim Garrett, Agent, Lubbock, TX
Tue Jul 3, 2012
"Under assessed" is a good thing when it comes to the Tax Office. A professional Realtor will not use the tax office assessments in determining value, nor should an educated client. Neither would use Trulia or Zillow for an estimate of value either... we base all value on what buyer's have paid for homes in the marketplace, and Price, Condition, and Marketing determine how fast a home will sell.
2 votes
Joy Daniel, Agent, Lubbock, TX
Mon Jul 2, 2012
I'm not sure I understand your question. If your property is "under-assessed" by the tax office it simply means you are paying less in taxes, it does not affect your MARKET VALUE. For more specific information on your particular property please give me a call or send an email...thanks...Joy!
1 vote
My comment was in response to the statement by Trulia that the house was over-assessed by the tax office. It was actually under-assessed, which is a good thing. But Trulia said the opposite. This hurts my resale value, since the house is on the market and a buyer wouldn't know the truth..
Flag Mon Jul 2, 2012
Shari Straley, Agent, Lubbock Texas 79414, TX
Mon Nov 11, 2013
Are you confused yet?
Let's get to the basics. Are you looking at the tax appraisal to get a value on your home?
Our appraisal district is not always spot-on because they do not know the actual home. I wish I knew where they got their numbers.
That number from the tax office can be very confusing. Buyers love it because they think they can get the house cheaper than the asking price. Sellers don't like it so much because they know that most buyers look at the "tax appraisal" and they, the sellers, know their house has more value than the number given by the tax appraiser in many cases.
A Realtor will come in very useful if/when you choose one. We have the education and knowledge to find the actual value of your home and/or future home. We understand the market and know what we need to do to find what you need/want. Also, just in case you don't know, buyers do not pay the Realtor. We work for you to find the house of your dreams.
If you are selling, a good Realtor will work for you to get your house sold and will know the ways to get your house the exposure it needs to be sold. A good Realtor will abide by the Realtor Code of Ethics. The code is a very strict understanding of the way we handle ourselves in a transaction to always be loyal, honest, and obedient to our clients. Then, in the meantime, keep our client's information confidential to guard against abuse if it should arise.
I hope you have found the information you are looking for.
Please click the following link to view the Information about Brokerage Services: If you have to copy and paste, I'm so sorry.
0 votes
Ron Thomas, Agent, Fresno, CA
Tue Jul 3, 2012
Tim and Joy are correct.

There is one other consideration, though:
If the Assessor is not aware to the additional squarefootage, it may be because it was never recorded; which may mean that the work was done without permits.
You have to ask WHY?

Of course, the simplest answer is incompitance; you cannot ignore that possibility.
0 votes
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