U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 05-17-2010, 10:50 AM
 
2 posts, read 4,688 times
Reputation: 10

Advertisements

Hi,
I have a question, may be some of you know the answer. I like one house, but it's asking price is 70K over Estimated Market Value which is listed on tax documents. My broker told me that estimated market value for taxes always MUCH smaller then real house value. Does it sounds a bit fishy?
Reply With Quote Quick reply to this message

 
Old 05-17-2010, 10:53 AM
 
Location: Niceville, FL
8,058 posts, read 16,596,845 times
Reputation: 8528
It depends on the state and local government and how they calculate those different numbers. Where I live, the 'Fair Market Value' on the tax rolls has roughly zero to do with actual market value. In other areas, the numbers might be closer.
Reply With Quote Quick reply to this message
 
Old 05-17-2010, 10:56 AM
 
2 posts, read 4,688 times
Reputation: 10
this is for staten island, ny
Reply With Quote Quick reply to this message
 
Old 05-17-2010, 11:02 AM
 
6,239 posts, read 6,998,200 times
Reputation: 3127
Same in my area also. My take is the State is not in the selling-profit business and shouldn't be otherwise the state could warp the market.
Reply With Quote Quick reply to this message
 
Old 05-17-2010, 11:12 AM
 
178 posts, read 484,087 times
Reputation: 146
Depends on the area. One house I sold, the town's assessment was higher than realistic market value.
Reply With Quote Quick reply to this message
 
Old 05-17-2010, 11:17 AM
 
Location: Tempe, Arizona
4,511 posts, read 12,108,399 times
Reputation: 2197
Tax value may vary dramatically either higher or lower than true selling market value. Depends on the assessor's valuation system and how often they check value. Always best to check recent comparable sold properties. Perhaps your agent may know that typically, tax valuations are lower in your area than true market value.
Reply With Quote Quick reply to this message
 
Old 05-17-2010, 11:52 AM
 
Location: NJ
17,579 posts, read 40,571,846 times
Reputation: 16164
In both houses I have owned the tax assessed value had almost zero to do with the actual market value.
Reply With Quote Quick reply to this message
 
Old 05-17-2010, 12:38 PM
 
9,734 posts, read 8,271,455 times
Reputation: 6354
If a home is old and does not change hands very often, the value for tax purposes can be ridiculousy low. It might only get updated when it is sold.
Reply With Quote Quick reply to this message
 
Old 05-17-2010, 12:44 PM
 
Location: NJ
17,579 posts, read 40,571,846 times
Reputation: 16164
Quote:
Originally Posted by kevinm View Post
If a home is old and does not change hands very often, the value for tax purposes can be ridiculousy low. It might only get updated when it is sold.
Or they could double it one year. Or cut it in half. And then adjust the tax rate.
Reply With Quote Quick reply to this message
 
Old 05-17-2010, 01:52 PM
 
Location: Charleston, SC
159 posts, read 280,524 times
Reputation: 69
True home value is the price agreed to upon the buyer and seller. The best way to "estimate" is have an independent appraisal done that takes into consideration sales within the past 3 months, pending sales and active sales. You also have to be careful that the recent tax credit has artificially increased demand and perhaps home prices.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate
Follow City-Data.com founder on our Forum or

All times are GMT -6.

© 2005-2020, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top