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I have been looking for homes in the area for the past few months, and wonder...
If you wanted to build the exact home that is already in existence in one subdivision (recently built) in another subdivision on similar lots requiring similar prep work--shouldn't the assessed value of Wake county's 'building assessed value' and the builder's quoted price be close in value? Or since material and labor have decreased in the past year, even be lower? {both in Wake county, both solid subdivisions}
The lots of course will differ in base price and effect the overall price of the home, but just wondering about the structure to build.
Nope. Assessments are not real time - they are as of a date in time, often several years ago (possibly even as of a date before the house was even built). I think Wake County does reassessments every 8 years (?).
When I bought my current house, it's assessed value was based on what it would have been had the house been built at the beginning of the assessment cycle (even though it was actually built 3 years later), so my assessment was much lower than current value/price.
Thanks, I called the wake.gov office because I wondered how accurate this number was--they called up the property and said that the house assessment reflects the full market value upon completion of the home last fall. What do you think?
Besides new builds, values in general are as of 1/2008 and will be reassessed on 1/2016.
Quote:
Originally Posted by CHTransplant
Nope. Assessments are not real time - they are as of a date in time, often several years ago (possibly even as of a date before the house was even built). I think Wake County does reassessments every 8 years (?).
When I bought my current house, it's assessed value was based on what it would have been had the house been built at the beginning of the assessment cycle (even though it was actually built 3 years later), so my assessment was much lower than current value/price.
Sounds like the house was completed at the same time reassessments were being done, so in that case I would expect that its assessment as of last fall is close to its market value last fall. So in answer to your original question - yes, I would expect a similar house to cost about the same as the assessment on the house you found.
Maybe one of the real estate gurus here can give a more informed reply than my uneducated guess.
Good luck figuring out the mystery of Wake County's assesment process. I would suggest that the more you think like a logical person, the harder time you'll have understaning it. I will just throw in that since Wake County is frequently off by more than 10% with the size of the house (Wake is the only county I've owned a home in that did not have an accurate measurement of the home for assesment purposes), at times it seems like the outcome of the assesment is the luck of the draw. Also, how Wake County determines the value of the property the home is on which will certaintly differ from one subdivision to another and even within subdivisions at times is a mystery to me.
It's awesome that the assessed values were taken at their peak and won't be redone for another 7 years from now. I know in my neighborhood values have fallen around 20% from their peak.
It's awesome that the assessed values were taken at their peak and won't be redone for another 7 years from now. I know in my neighborhood values have fallen around 20% from their peak.
It doesn't matter much how the assessment compares to market value; what matters is how it compares to other properties. If others are similarly over-assessed, they are all still bearing a fair share of the tax burden.
It doesn't matter much how the assessment compares to market value; what matters is how it compares to other properties. If others are similarly over-assessed, they are all still bearing a fair share of the tax burden.
Where I moved from (Hampton Roads) properties were going up in value so fast the local Governments didn't know what to do with all that money. So they spent it (as wise Governments often do). 10%-15% pay raises for the employees, lots of pet projects, etc. This is what happens when the Government gets more money. It's sickening. They ended up lowering tax rates but that didn't keep the taxes even. What ended up happening is a lot of old, fixed income people were forced to sell and move away as they couldn't afford the taxes anymore.
It doesn't matter much how the assessment compares to market value; what matters is how it compares to other properties. If others are similarly over-assessed, they are all still bearing a fair share of the tax burden.
And that definitely was an issue in my old Cary neighborhood. There was one house the builder built over and over in the neighborhood. As a two story home, there was no optional bonus room and it was about 3,700 sq. ft. If you look at the county's assesment, some of these homes are actually measured by the county at under 2,700 sq. ft. w/ a building value (not land) of $375k and others measured over 3,800 sq. ft. w/ a building value of $442k. Again, these homes were exactly the same size.
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