Realtor help! what does this $ amt mean? (loan, fees, for sale)

[twowolves]

Property Tax Roll

• Assessed Value: $214,343

County Tax Roll

• Lot Size: 6,098
• Total Sqft.: 1,432
• Taxable Value: $214,343

Does it mean that the home was 'appraised' at that value? So, if the owner wanted to sell this home for say $210k, the buyer would most likely be able to get a loan for that or 5-10% (down pmt) less?
Thanks.

[MikeJaquish]

Originally Posted by twowolves

Property Tax Roll

• Assessed Value: $214,343

County Tax Roll

• Lot Size: 6,098
• Total Sqft.: 1,432
• Taxable Value: $214,343

Does it mean that the home was 'appraised' at that value? So, if the owner wanted to sell this home for say $210k, the buyer would most likely be able to get a loan for that or 5-10% (down pmt) less?
Thanks.

Don't know what state you are in, but in North Carolina, $214,343 is merely a number used to calculate your property tax.
It has nothing to do with appraisal or true market value.

[2bindenver]

Assessed value is for the sole purpose of determining property taxes. This year the assessed value has little to do with fair market value.

Here in Colorado valuations just went out for 2009 assessments, based on sales from Jan 2007 to June 2008.

A lot has changed in a year to 18 months ago.

[FLBob]

It looks to me like you're looking at a property in Florida. As a result of homestead law it is possible for the taxable value to be less than the assessed value. A homestead property would have homestead deductions so that the taxable value would be at least $50k less than the assessed value.

The market value or appraised value about 15% higher than the assessed value. State law requires that the assessed value reflect the costs of selling the property. Section 193.011 paragraph(s) 1 and 8 requires that reasonable fees and selling costs are deducted from the market or appraised value to determine the assessed value.

The market value is determined as the value of the property on Jan. 01. of a given year. Changes in market value overtime are not updated on the appraisers website.

[twowolves]

Originally Posted by FLBob

It looks to me like you're looking at a property in Florida. As a result of homestead law it is possible for the taxable value to be less than the assessed value. A homestead property would have homestead deductions so that the taxable value would be at least $50k less than the assessed value.

The market value or appraised value about 15% higher than the assessed value. State law requires that the assessed value reflect the costs of selling the property. Section 193.011 paragraph(s) 1 and 8 requires that reasonable fees and selling costs are deducted from the market or appraised value to determine the assessed value.

The market value is determined as the value of the property on Jan. 01. of a given year. Changes in market value overtime are not updated on the appraisers website.

Thanks but I am bit fuzzy on it still. Sorry!

1.So, apparently this home does not have a Homestead on it right? Because the 2 amts are the same....and
2. Would it be likely that if this house were to go up for sale...that they could/would be appraised for close to the $214k, granted that the home was in good condition? (or, can you not go by that?)

Those are my 2 questions that I need cleared up...thanks so much!

[FLBob]

You are correct when the assessed value = taxable value there is no homestead exemption.
When you look at the assessed value, is it the 2008 assessed value or the 2009 assessed value? Many property appraisers have not posted their 2009 values yet, others are qualifying the values as preliminary.

I use the property appraisers values as well as the recent sales comps in a neighborhood when attempting to judge where a property would appraise. Banks are being very conservative. But, yes if your looking at the 2009 assessed value, then that number should be a good ball park value. Remembering that the fair market value was about 15% higher than the assessed value.

[twowolves]

Originally Posted by FLBob

You are correct when the assessed value = taxable value there is no homestead exemption.
When you look at the assessed value, is it the 2008 assessed value or the 2009 assessed value? Many property appraisers have not posted their 2009 values yet, others are qualifying the values as preliminary.

I use the property appraisers values as well as the recent sales comps in a neighborhood when attempting to judge where a property would appraise. Banks are being very conservative. But, yes if your looking at the 2009 assessed value, then that number should be a good ball park value. Remembering that the fair market value was about 15% higher than the assessed value.

"Remembering that the fair market value was about 15% higher than the assessed value"

When you say that, do you mean one could take the $214k figure (assuming it was most current yr) and then add 15% to come up with an appraisal amt?
So, in this case, that computation would be $242k and so am I correct here?...you're saying that $242k would probably be a fair amt to ask a buyer to pay for that house?

[FLBob]

Yes, that correct. The assessed value is 15% below what the county's property appraiser came up with for a fair market value. But I'm also saying that recent sales in the neighborhood will be what the bank appraiser will be looking at, so the recent neighborhood sales need to be in line with the county's property appraiser values. The county's property appraiser came up with their values based on comparable sales around the Jan. 1 2009 time frame.

[EllenArlingtonPark]

Originally Posted by MikeJaquish

Don't know what state you are in, but in North Carolina, $214,343 is merely a number used to calculate your property tax.
It has nothing to do with appraisal or true market value.

I agree with Mike, here in Texas the property tax appraisal has nothing to do with it's true market value. Matter of fact since the bottom fell out on real estate values in many areas most people are protesting their appraised property tax value to line up with what the current market values are and most are winning!

If you have recently bought your home and the property tax value is higher than what you paid you can probably get your tax value reduced and of course this will reduce your taxes. Score!