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Old 05-30-2018, 08:28 PM
 
Location: USA
254 posts, read 119,925 times
Reputation: 85

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Property valuation & State property records in MD?
========================================

Thanks for replies to my postings.

First and foremost I LOVE this forum. I've been on here a while now but have taken your wonderful advice/tips.

I am looking for a property in Maryland. Here is the situation.


The subject property in Catonsville MD 21228 shows land area = 686 SF with $66000 valued improvement $156,500. Listed as town house type


The adjacent area properties


Pleasant Valley gets $76,000 for 11,339 SF $75,300 for 8,855 SF

Lincoln Wood Dr gets $77,700 for 17,993 SF, $75,100 for 8,625 SF

six notches gets $66,000 for 2,713 SF $66,000 for 2,881 SF

Is it correct to assume,
From the above numbers, subject property 5+ times expensive on land value. It shows highly inflated property value.


I do not understand this high valuation. Do real estate folks consider tax record numbers for property valuation/comparison?

How does tax records get these property numbers?

Thanks in advance for your time to review my post and providing help.
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Old 05-31-2018, 03:26 AM
 
Location: North Beach, MD on the Chesapeake
32,110 posts, read 39,170,046 times
Reputation: 40518
I assume that you retrieved the information from the Maryland Department of Assessments and Taxation website at Property Data Search.

The first value is the value assigned to the land itself while the second is the value of the improvements (house, office, etc.). The third value shown on the property is the combined value.

The Department is responsible for developing the taxable assessments for all property in the state. All real estate in Maryland is reassessed every three years. Sometimes there are site visits (basically walk bys) by Department personnel but more common is using sales data submitted by the various Counties and an algorithm applied used to determine value.

Yes, real estate people will use this as one tool when determining value.

I have found that in a normal real estate market the assessments from the State are pretty close to sales prices.
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Old 05-31-2018, 05:08 AM
 
Location: The Triad (NC)
26,847 posts, read 57,851,863 times
Reputation: 29256
Quote:
Originally Posted by GNCamry99 View Post
I do not understand this high valuation.
Are you still attempting to buy without using an agent?
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Old 05-31-2018, 08:44 AM
 
Location: USA
254 posts, read 119,925 times
Reputation: 85
Thanks for your input. Yes, I got this info from "Maryland Department of Assessments and Taxation (SDAT) website at Property Data Search."


Why is the subject property land value (5+ times) compare to adjacent area properties?


There 20 Townhomes on the street. It come to $1320000 (20*66000) land value. The property owners pay taxes on this inflated land value practically.


My realtor told me that SDAT push the data getting from property transactions without physical verification/validation. If it is true, property bubble is in making in MD.


I am working with realtor, but I want to do my own due diligence. Some info , I am getting from him not adding up. I try to educate me b presenting the situation to this forum. I find some interesting folks provided insights on my other thread.


Do realtor has fiduciary responsibility like to care my interest (by MD law)?


I am not sure, is there any thing wrong with it.
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Old 05-31-2018, 09:00 AM
 
Location: North Beach, MD on the Chesapeake
32,110 posts, read 39,170,046 times
Reputation: 40518
I'm trying to figure out exactly what you're asking.

The difference in land value could be for numerous reasons (I question the 686 sq. ft. number). One house could be on a well while another has central water, that would increase value. One could be zoned Commercial which would increase value. There could be bad roads near one (that's only included if there's been a site visit) which would decrease value.

As far as a bubble goes, maybe. The State only collects and collates the information. If people bid up the price of a property then that's on them not Maryland.


I don't know why you're saying the land value is "inflated", that $66K sounds about right for a townhouse lot. Don't price any waterfront land if you think that's too high.
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Old 05-31-2018, 02:12 PM
 
Location: The Triad (NC)
26,847 posts, read 57,851,863 times
Reputation: 29256
Quote:
Originally Posted by GNCamry99 View Post
I am working with realtor, but I want to do my own due diligence.
Some info , I am getting from him not adding up.
Then ask him to clarify his statement.
The questions you are asking, as asked, are VERY elementary.
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Old 06-01-2018, 11:51 AM
 
Location: USA
254 posts, read 119,925 times
Reputation: 85
Quote:
Originally Posted by North Beach Person View Post

The Department is responsible for developing the taxable assessments for all property in the state. All real estate in Maryland is reassessed every three years. Sometimes there are site visits (basically walk bys) by Department personnel but more common is using sales data submitted by the various Counties and an algorithm applied used to determine value.

Yes, real estate people will use this as one tool when determining value.

I have found that in a normal real estate market the assessments from the State are pretty close to sales prices.

Thanks for your input. I am trying to understand better.


My realtor says SDAT posted numbers do not have bearing of property sales. I find hard to buy this.


Here is the actual numbers for a scenarios that will help other members of this forum.


1204 CARLI CT CATONSVILLE MD 21228 sold on Date: 04/09/2018 for $219,000 above grade finish 1,360 SF Basement 600 SF Land 686 SF Land $64,400 Improvement as of 2018 $208,200
It sold close to assessed value.


1201 COROLLA CT BALTIMORE MD 21228 sold on 05/08/2018 for $220,000 above grade finish 1,396 SF Basement 600 SF land 686 SF Land $66,000 Improvement as of 2018 $220,400
It was sold very close (less) to assessed value.


Adjacent Community

1 SIX NOTCHES CT 21228 Not for sale above grade finish Basement 1,496 SF 374 SF Land 2,881 SF Land $66,000 Improvement as of 2018 $212,600


Even I find of Land 4000+ SF in this same community townhome has Land $66,000.


Is it correct to assume SDAT posted numbers shows real values of property like STOCK's BOOK Values and used car's blue book values?


How much more by (%) of posted SDAT value result in Fair sale price of the property (for buyer to rely upon)?


"One house could be on a well while another has central water, that would increase value. One could be zoned Commercial which would increase value. There could be bad roads near one (that's only included if there's been a site visit) which would decrease value."


I am not able to find uniform $/sq ft numbers in same community to compare. It varies unit to unit. Ever for Land $ varies in same community. I am not sure why.


Is $/sq ft right measure for comparison?


"I'm trying to figure out exactly what you're asking."


I do find the listed property prices all over the place. There are some properties do not have recent sales to rely upon. Seller wants HIGH buyer want value to avoid bubble trap. You can say, that is what realtors for. I am not sure whether I am getting value directive from my realtor. This is why, I opened this thread.


Thanks for sharing.
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Old 06-01-2018, 12:21 PM
 
Location: North Beach, MD on the Chesapeake
32,110 posts, read 39,170,046 times
Reputation: 40518
Well one thing you're looking at which might throw your numbers is "adjacent community". Typically real estate comps are drawn, when possible, from the same community/development.

I'm not in real estate but I've never trusted sq. ft. comparisons. There's just too many variables. An example would be the person who goes overboard on upgrades (teak floors, granite everywhere, etc.) while his neighbor in a similar/same house does not. The sq. ft. cost for the first will be orbiting the Moon while the second will be more rational.

As I said earlier, I've found in my little corner of Maryland that assessments and sales prices tend to track fairly closely in a normal real estate market where people aren't being **** stupid like 10 or 15 years ago. Those people are still digging out.

As far as land values differing I'll give you an example. My/our lot is 50X150, or 7500 sq. ft. My oldest son's four blocks away is 75X100, or 7500 sq. ft.

His lot, however, is assessed at a higher value because it can be subdivided into two 37.5X100 lots with street access. Mine/ours cannot be so subdivided due to its placement in relation to the street.
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