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Old 02-16-2012, 05:11 AM
 
52 posts, read 217,814 times
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ive noticed that most houses are no more than 90k in the tax assessment value but sell as much as 250k. i thought by law, the tax assessment value has to be what the fair market value is?
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Old 02-16-2012, 05:27 AM
 
Location: Paradise
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It's always done that way. I'm not really sure why. (Don't complain, though)
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Old 02-16-2012, 05:46 AM
 
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Up here where I live In WA all of the tax assessments are over what most houses are selling for.
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Old 02-16-2012, 07:39 AM
 
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Assessed value is 35% of taxable value, by law (I have no idea why). When you're looking at a 90k assessed value, that calculates 257k taxable/market value.

Quote:
Originally Posted by benicetofatkids View Post
ive noticed that most houses are no more than 90k in the tax assessment value but sell as much as 250k. i thought by law, the tax assessment value has to be what the fair market value is?
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Old 02-16-2012, 08:34 AM
 
52 posts, read 217,814 times
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Originally Posted by WestieJeff View Post
Assessed value is 35% of taxable value, by law (I have no idea why).
is that just in nevada? becuase up in wa, like i said before, most of the homes sell for far less then the tax assessment...
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Old 02-16-2012, 08:49 AM
 
2,076 posts, read 4,073,711 times
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Yes, it is NV law that sets assessed value at 35% of taxable value. Taxable value is generally close to market value here.

Quote:
Originally Posted by benicetofatkids View Post
is that just in nevada? becuase up in wa, like i said before, most of the homes sell for far less then the tax assessment...
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Old 02-16-2012, 08:50 AM
 
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do you know the specifics to why they made that law? i would imagine to keep the property taxes low to motivate people to move there?
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Old 02-16-2012, 08:52 AM
 
Location: Sunrise
10,864 posts, read 16,994,497 times
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Quote:
Originally Posted by benicetofatkids View Post
do you know the specifics to why they made that law? i would imagine to keep the property taxes low to motivate people to move there?
Actually, our lax divorce laws motivated people to move here. Our low property taxes enticed a lot of them to stay.
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Old 02-16-2012, 09:28 AM
 
Location: Kingman AZ
15,370 posts, read 39,113,750 times
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Quote:
Originally Posted by benicetofatkids View Post
do you know the specifics to why they made that law? i would imagine to keep the property taxes low to motivate people to move there?
it was set that way when I moved here 50 years ago.....

so the correct answer woud be "cause"
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Old 02-16-2012, 09:33 AM
 
Location: Carlsbad, CA
55 posts, read 80,901 times
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Could mean house is overpriced.
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