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Old 03-31-2014, 09:39 AM
 
124 posts, read 267,860 times
Reputation: 58

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Does anybody else feel that the valuations on property in the Salisbury area are "out of whack" with actual sale prices? Thanks for your thoughts.
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Old 03-31-2014, 10:22 AM
 
Location: The Triad (NC)
26,831 posts, read 57,830,396 times
Reputation: 29215
Quote:
Originally Posted by mexicomike View Post
Does anybody else feel that the valuations on property in (name the area)
are "out of whack" with actual sale prices?
Of course they are. They always have been.

In almost every instance tax assessment will be BELOW the fair market value.
The three year re-valuation cycle usually catches anomalies.

What have you observed?
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Old 03-31-2014, 04:39 PM
 
Location: North Beach, MD on the Chesapeake
32,101 posts, read 39,155,933 times
Reputation: 40500
Quote:
Originally Posted by MrRational View Post
Of course they are. They always have been.

In almost every instance tax assessment will be BELOW the fair market value.
The three year re-valuation cycle usually catches anomalies.

What have you observed?
You're the first person I've ever seen claim that assessments are less than market value. Usually the complaint is that the assessment is higher than market value.

Remember that MD has somewhat of a two tiered assessment system with the Homestead Exemption for long time homeowners.
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Old 03-31-2014, 05:18 PM
 
Location: The Triad (NC)
26,831 posts, read 57,830,396 times
Reputation: 29215
Quote:
Originally Posted by North Beach Person View Post
You're the first person I've ever seen claim that assessments are less than market value.
I'm a realist.

Aside from the turbulence of the last few years price run ups and then reversals...
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Old 04-02-2014, 03:45 AM
 
Location: Greenville, NC
2,051 posts, read 4,843,054 times
Reputation: 1087
Quote:
Originally Posted by North Beach Person View Post
You're the first person I've ever seen claim that assessments are less than market value. Usually the complaint is that the assessment is higher than market value.
I've also noticed that assessments are less. People only complain about the assessment value when they're paying the taxes. When it comes to time to sell that home, they complain the values are too low.

If you do a real market analysis of a particular home, including comps and sq. ft., most people's homes are worth more than the assessed value.
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Old 04-02-2014, 01:09 PM
 
Location: dead end of a dirt rd (honestly)
65 posts, read 83,687 times
Reputation: 96
I feel your pain when the real estate boom finally went bust in S Fl our home was appraised hundreds of thousands of dollars higher then actual value by the tax assessors. Either way it goes it seems to always favor the country and hurt the owner, funny huh?
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