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The bank appraisal for our loan came back with an estimate of 2500 for the square footage of the house we currently have a contract on. This is the gross square footage. The county tax assessor website has it listed around 2900 square feet. What would account for this huge difference? Can I use my appraisal to appeal my future tax rate?
In most areas, the county is notoriously sloppy and inaccurate.
The bank's appraiser likely actually measured the home, and is hanging his license on the SF in the appraisal.
I would use the appraisal to correct the error at the county, and expect a reduced tax bill.
The appraisal states the basement is finished however, and the county assessor site states its unfinished. Will that have a negative impact? The basement is 800 square feet, not included in the 2500 square feet calculated by the appraiser.
If you tell the county you have a finished basement they will likely tax that space at a higher rate. Typically when there is a discrepancy like this, the owner finished the basement and didnt get a building permit. Which will hurt you if you sell and the buyer looks into it
If you tell the county you have a finished basement they will likely tax that space at a higher rate. Typically when there is a discrepancy like this, the owner finished the basement and didnt get a building permit. Which will hurt you if you sell and the buyer looks into it
Thanks, glad I asked. The basement looks like it was finished a few decades ago. It's pretty nasty down there, but still, I get what you mean.
The appraisal states the basement is finished however, and the county assessor site states its unfinished. Will that have a negative impact? The basement is 800 square feet, not included in the 2500 square feet calculated by the appraiser.
If you look at the appraisal report on the page where the "grid" is, you will see
a line that says: above grade room count and Gross Living area. That line can include the above grade areas only. Now, if there is a basement that is finished like the rest of the house, equally functional and common in your market, the appraiser may opt to give it equal value per sf as the above grade but he/she must note this area on a separate line in the report. It's a FNMA thing.
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