Burlington property values

[68vette]

Originally Posted by RunawayJim

The tax assessment is not a good indicator of the market value of a home. Try zillow.com to check out what other homes in that area have sold for. That'll give you a better indication of what to expect.

True, prices in our area have been about the the same if not a bit higher in the recent past. Assessments can be way off depending on when they were last done. The typical home in our section of town is between 100,000-150,000 off the assessment value. The town has not done an assessment in over ten years. When we bought our home we had to have an appraisal done as well as comps in town due to the assessment situation.

[miruca]

In this case .. the property tax assessor information is more current than zillow. I've used Zillow for other area's and have found good information....but not so for Burlington.

[68vette]

Originally Posted by miruca

In this case .. the property tax assessor information is more current than zillow. I've used Zillow for other area's and have found good information....but not so for Burlington.

It all depends on when the last assessment was done and where, meaning the towns with larger populations or larger number of houses don't do all the assessments at once. In Colchester for example, the town has done assessments on some homes a year or two ago, but has not done assessments on some homes for over ten years.

[RunawayJim]

Originally Posted by 68vette

It all depends on when the last assessment was done and where, meaning the towns with larger populations or larger number of houses don't do all the assessments at once. In Colchester for example, the town has done assessments on some homes a year or two ago, but has not done assessments on some homes for over ten years.

That's interesting. Down here, the assessments are all done the same year from what I understand. I think they're done something like every 3-4 years.

[68vette]

Originally Posted by RunawayJim

That's interesting. Down here, the assessments are all done the same year from what I understand. I think they're done something like every 3-4 years.

My property I bought over 15 years ago has yet to have a town assessment done. The last one done was almost twenty years ago. I have had two private appraisals done on it so that when the town gets around to it, I will know if the town is going to give it to me. My other property has been close to fifteen years. I'm sure this one will be done in a year or two because some other homes nearby have had assessments done in the past two years.

[miruca]

Well... all in all.. it looks to me like buying now, even with some reduction in price, is buying high ... i can't imagine that there would be any appreciation on the prices I see - or that the value would be maintained over time. Prices are almost double what they were five to eight years ago ... that is inflated appreciation, I think.