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Old 04-01-2010, 12:50 PM
 
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Quote:
Originally Posted by Bong477 View Post
How does FMV or assessed value figure into what the actual value of a house is? Meaning if the website says my house FMV is say... 140k does that have any meaning for what it should be able to sell for? I'm not sure I understand where these numbers come from...
Again it is a 2002 Base Year system, which means they are estimating the value as of January 1, 2002. Since it is now 2010, there is no necessary relationship between that 2002 value and the current market value: it could be higher or lower depending on where you are talking about.
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Old 04-01-2010, 12:58 PM
 
Location: Squirrel Hill
1,349 posts, read 3,559,706 times
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Sorry... not exactly what I meant. I understand its based on 2002, but how does the county come up with that figure? I assume they aren't paying an assessor like I would if I was buying or selling a house. When I compare my home value to those of my neighbors the differences I see don't make a lot of sense. Why is my house FMV 10k more than my neighbor with a slightly bigger yard and 1 more bedroom?
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Old 04-01-2010, 01:17 PM
 
20,273 posts, read 32,877,652 times
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Quote:
Originally Posted by Bong477 View Post
Sorry... not exactly what I meant. I understand its based on 2002, but how does the county come up with that figure? I assume they aren't paying an assessor like I would if I was buying or selling a house. When I compare my home value to those of my neighbors the differences I see don't make a lot of sense. Why is my house FMV 10k more than my neighbor with a slightly bigger yard and 1 more bedroom?
The County last did a county-wide assessment in 2002. They used a computer model which inputed sales data from 1999 to 2001 and the sorts of property-specific data you can see on the assessment website today. Note it includes things like a condition rating on the property, and further note it could be out of date (or inaccurate to begin with). Then some owners appealed, and some taxing jurisdictions appealed, and sometimes the value was modified in one way or another.

So there are any number of possible explanations for the discrepancies you are noting. If you wanted to try to figure it out, the first thing to try would be to look at the website pages and see if the information is accurate, if there are different condition ratings, and so forth. Another possibility is that there was a successful appeal on one of the properties--I think they are recorded somewhere but I am not sure where.
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Old 04-01-2010, 06:44 PM
 
457 posts, read 1,275,419 times
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Quote:
Originally Posted by Hopes View Post
Taxes are calculated on the assessed value.

That is wrong. Actually according to the website you posted the assessment values are based on market value. "All values represent the calculated Base Year market value of the property as of January 1, 2002, unless otherwise updated due to permits, appeals, corrections, flood loss or catastrophic loss."

Allegheny County Assessment
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