estimated tax vs. tax assessment (real estate, city hall, home)

[jccaruso]

Can someone clarify what's the difference between the Estimated Tax and Tax Assessment as shown on the MLS listing. My real estate agent said that I can ignore the Tax Assessment column as I will be paying the Estimated Tax. If that is true then why list the Assessed Tax? any clarification would be appreciated.

Thanks
-jcc

[havoc315]

A tax assessment is the "assessed value" of the home by the town, and the estimated tax is a percentage of the tax assessment.

The problem is, many towns use formulas to calculate the "assessed value" which have little to do with market value. The "assessed value" may often be a percentage of the market value, adjusted further for property size, age of construction, etc.
Since different towns use different formulas for "assessed value," you cannot compare property taxes across different towns by using the assessed value.

For example, one town may use the market value as the assessed value-- So the assessed value may be $1 million. Yet, there may be a home in another town, with a higher market value, and higher property taxes, but the "assessed value" is only $150K.

In other words, simply ignore the assessed value unless you're talking to an expert about grieving your taxes, to get them adjusted.

[westchester]

It s called due diligance go to city hall for yourself and find out what the taxes will be for yourself.......it is always better to know 100% what your taxes will be Good Luck