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Old Today, 06:41 AM
 
5,786 posts, read 1,461,483 times
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I see this question over and over. Tax assessments don't equal market value. There are rare instances where they do. Under Prop 13, unless there is any evidence to the contrary, the purchase price is the tax value at the sale date. Going forward, the tax assessment is increased 2% a year unless improvements are made or there is a sale. That's in California only.

Other tax assessing entities have software programs similar to a Zillow or a Redfin to assign a value. You see how often Zillow and Redfin are wrong. They probably have vastly superior software to most taxing entities.

Stop looking at tax assessments as value indicators. That said, if your tax assessment is way higher than the market, you should appeal.
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Old Today, 06:58 AM
 
Location: Cary, NC
33,941 posts, read 58,993,634 times
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But, tax value is "data."

Look at the typical "Disruptor" model.
Badly or stupidly applied data is still "data" and people grab at "data" without qualifying the quality thereof.
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Old Today, 07:21 AM
 
63 posts, read 7,440 times
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Prop 13 is CA-specific.

Everything varies by market.
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Old Today, 07:22 AM
 
6,869 posts, read 8,222,606 times
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Quote:
Originally Posted by Grlzrl View Post
Tax assessments don't equal market value.
And appraisals don't equal "the" market value, either. They are estimates; third-party opinions of market value.

And the price that a property sells for is not necessarily the market vale. That's perhaps the biggest misunderstanding that we see here on C-D.

Shall we go on?
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Old Today, 08:31 AM
 
3,878 posts, read 3,222,528 times
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Quote:
Originally Posted by Grlzrl View Post
Stop looking at tax assessments as value indicators. .
You new in town? This ancient misconception is unaffected by logic and example both of which have been launched in wave after wave over the years. Assessed value as truth is the Alexander the Great of real estate myths.
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