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Old 06-05-2012, 07:13 AM
 
305 posts, read 505,468 times
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How much of a difference can the appraised value of a home be from the assessed value by the town?
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Old 06-05-2012, 07:38 AM
 
Location: Toledo, OH
1,725 posts, read 2,902,835 times
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Your best hope that it is a HUGE DIFFERENCE!!

Appraised value is what you should be able to sell it for
Assessed vaule is what they TAX you on! (without Homestead exemptions that can total 50,000 or even more for disabilities and such special circumstances)
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Old 06-05-2012, 07:55 AM
 
305 posts, read 505,468 times
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Quote:
Originally Posted by gulfer View Post
Your best hope that it is a HUGE DIFFERENCE!!

Appraised value is what you should be able to sell it for
Assessed vaule is what they TAX you on! (without Homestead exemptions that can total 50,000 or even more for disabilities and such special circumstances)
As A Realtor, have they've been that far apart recently?
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Old 06-05-2012, 09:14 AM
 
Location: Toledo, OH
1,725 posts, read 2,902,835 times
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Really depends where you live more I think. Here is an example I ran for 5 properties all in very nice subdivisions (3 in New Tampa - Hunters Green, Arbor Green, and Cory Isle, 1 in Wesley Chapel - Seven Oaks and 1 in Land O Lakes - Panther Run). ALL HOMES ARE LISTED FOR 300,000 or VERY CLOSE TO:

NAME COUNTY ASSESSED VALUE TAXES (may have CDD in)

PANTHER RUN PASCO 232,049 3,317
SEVEN OAKS PASCO 243,543 5,253
HUNTERS GREEN HILLSBOROUGH 224,145 4,128
CORY ISLE HILLSBOROUGH 200,117 6,498
ARBOR GREENE HILLSBOROUGH 205,905 5,969

Again, this assessment is before any Homestead exemptions and 4 of the 5 homes are for sale for 300K and one for 295K. It's just a good way to see the difference. Hillsborough counties taxes are higher than Pasco. But Seven Hills in Pasco, which is one of the best Subdivisions in my opinion, are more than Hunters Green.

Hope this shows a good example and really hope this format holds up before I hit Post!
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Old 06-05-2012, 09:15 AM
 
Location: Toledo, OH
1,725 posts, read 2,902,835 times
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UGHHH!!! It didn't post well. First Colum is name of Subdivision, Second Column is County, Third Column is Assessed Value, and last column is Taxes.
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Old 06-05-2012, 09:27 AM
 
1,106 posts, read 1,881,433 times
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Assessed value is what you pay property taxes on.

Appraised value is a rough estimate that a mortgage company or an insurance company wants to see to provide a mortgage or insurance coverage.

Neither value is "what you can sell it for". Only a buyer determines that amount. We are 7 years into a real estate downturn and I cannot believe people still use that phrase.
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Old 06-05-2012, 09:50 AM
 
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We are under agreement in Paso county. Assesed value is about 30k less than appraised value, and our offer is somewhere in the middle.
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Old 06-05-2012, 10:05 AM
 
Location: Toledo, OH
1,725 posts, read 2,902,835 times
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DEFINITION OF APPRAISEL:

Real estate appraisal, property valuation or land valuation is the process of valuing real property. The value usually sought is the property's Market Value.

Now go ahead and say the rest of the world is wrong or at least do a little research before you try to poke a stick in someone's eye. Actually, I would rather you just quit commenting on anything I post. Your sarcastic comments and need to try and make people look bad aren't lost on anyone.
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Old 06-05-2012, 10:08 AM
 
2,682 posts, read 4,213,117 times
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Quote:
Originally Posted by chi_tino View Post
Assessed value is what you pay property taxes on.

Appraised value is a rough estimate that a mortgage company or an insurance company wants to see to provide a mortgage or insurance coverage.

Neither value is "what you can sell it for". Only a buyer determines that amount. We are 7 years into a real estate downturn and I cannot believe people still use that phrase.
^ this.

I would add that assement is a "lagging indicator." In addition, appraised values take into many factors than the assesment. If somebody made a renovations that improves the house value, no one would go to the county and ask for their house to be assesed more . But those will show up in appraisal. You can argue that all those (including, cul-de-sac, nature, and soon) will ultimately show up on the market price, when the house sales. But it takes time to flush through the system. Therefore, you can pretty much say that assessments are almost always lower than the appraised value. A buyer, for some strage reason may fall in love of a house because say, it remind them where they grow up, and pay more than market. Or a family mamber may sale a house below market. A good assesment should not be impacted susbtaintially by these type of outliers.
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Old 06-05-2012, 04:03 PM
 
1,106 posts, read 1,881,433 times
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Quote:
Originally Posted by gulfer View Post
DEFINITION OF APPRAISEL:

Real estate appraisal, property valuation or land valuation is the process of valuing real property. The value usually sought is the property's Market Value.

Now go ahead and say the rest of the world is wrong or at least do a little research before you try to poke a stick in someone's eye. Actually, I would rather you just quit commenting on anything I post. Your sarcastic comments and need to try and make people look bad aren't lost on anyone.
I don't really care what you think. Go ahead and put me on your ignore list if my comments rub you the wrong way. I'm going to continue to comment on falsehoods spread by those in the real estate community that should probably know better.

You can try to value a property anyway you like, but "what you should be able to sell it for" is the market price. Buyers, not government officials, nor realtors, nor insurance companies determine this number. Haven't we learned anything in the past decade?

Appraised value and assessed value do not equal market price.

What is the true value of a home on the market that is "appraised" at a million dollars but no one will pay it? Is it worth a million dollars? A realtor would say yes. Most others with a background in economics and/or common sense would say no.

One of the main reasons people lost so much money in real estate is that they were too busy looking at fantastic appraised values cooked up by biased or disinterested parties when they should have been looking at market prices, money spent by actual buyers. I've had realtors tell me with a straight face that they are not dropping the price of a condo because it has been "appraised at $150k" when actual transaction prices of similar units are half of that amount and falling. I feel sorry for their clients.
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