[Sigequinox]

So just got my new assessment and am perplexed...

2011 assess = 209,000 @ 70%

2015 assess = 209,500 @ 70%


so that's roughly 298k in 2011 and 299k in 2015 @ "100%" value respectively.. When I purchased this house in 2013, the loan underwriter made us get an appraisal which concluded the house was worth 330k.

So, did I lose 30k equity in my house or is the town assessment done differently than a real estate appraisal? I sure hope you folks have good news....

[kidyankee764]

It's the latter. In late '15, my sister purchased a house that her town assessed at $170k, and the mortgage lender appraised at $335k. I also think CT's real estate market got stronger since 2013. You should be good.

[EUPL]

An Assessment is different then a Appraisal.

[parentologist]

Be happy. You will pay less in taxes. Your house might actually sell for more in the future, with that lower tax assessment.

[Sigequinox]

Originally Posted by parentologist

Be happy. You will pay less in taxes. Your house might actually sell for more in the future, with that lower tax assessment.

Negative. Mill rate has gone up year after year and the "assessment", which is at least used for tax, went up, albeit negligibly. So it will not be cheaper.

Seems like the consensus is that assessment and appraisal can be very different, but I'm hoping one of our realtors chimes in with more certainty.

I need to put this house on the market in little over a year, not much time to "catch up".

[NewJeffCT]

assessment is what the town does for tax purposes - square footage, number of bedrooms, bathrooms, garages, etc. It's more of a raw number.

I'm guessing they don't count things like hardwood floors vs carpet, subzero fridge vs maytag, granite countertops vs linoleum, etc.

[beer belly]

Originally Posted by Sigequinox

Mill rate has gone up year after year

Don't ya love it when the politicians say "We won't raise Property Tax"...they just raise the Mill Rate

[AmyBergquist]

The town's assessment is different from a mortgage appraisal and typically the town's assessment will come in lower than what the property would sell for on the open market or the bank's appraisal of the property at time of purchase. The only caveat to that is if you buy a property in the year the town is doing their reassessment. For example, Hartford and West Hartford are reassessing this October 2016. If you purchase in either of those towns in 2016, there is a good chance that your town assessment will come in close to the purchase price, simply because your purchase price is your own (realistic) data point.

[parentologist]

Is your concern that the town's appraisal of your property means that it has lost value? Town appraisals are not as accurate as a market based analysis by an appraiser or a realtor. So don't stress - the fact that your appraisal for tax purposes is lower than what the property is likely truly worth, is a good thing for selling it, because the potential buyer will be happy to see that they will have a lower tax bill. Of course, if you want to, I'm SURE your town will be happy to adjust their appraisal upwards, if you want to appeal to have your taxes increased!

[Sigequinox]

Originally Posted by parentologist

Is your concern that the town's appraisal of your property means that it has lost value? Town appraisals are not as accurate as a market based analysis by an appraiser or a realtor. So don't stress - the fact that your appraisal for tax purposes is lower than what the property is likely truly worth, is a good thing for selling it, because the potential buyer will be happy to see that they will have a lower tax bill. Of course, if you want to, I'm SURE your town will be happy to adjust their appraisal upwards, if you want to appeal to have your taxes increased!

Ahhh, I see what you mean now. Thanks. Correct, THAT is good. I don't volunteer anything to the state haha. If they want something they can figure it out themselves. I was just unsure if these discrepancies are normal, and it appears they are.


Thanks all