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If someone lists their house for $700K but the Zestimate for the past year was $550K you’ll see it jump up immediately. I’ve also seen homes in the same neighborhood get radically different Zestimates based upon trends when it last sold. Their algorithm can’t factor in condition or quality of finishes.
Some of these listing prices are aspirational, to say the least. I saw one in my city this morning overpriced by about 2/3. I couldn't believe what I was seeing. I'll have what they're having.
Zillow's zestimate shows prospective buyer the pricing range for the target house, which is useful and informative.
According to Zillow, the house I'm living in now has increased in value over $25K since I bought it, which is a lot considering the purchase price. They apparently used the price I paid as a baseline, and upped the value based on a vigorous local market. I have no idea if this is accurate.
Some of these listing prices are aspirational, to say the least. I saw one in my city this morning overpriced by about 2/3. I couldn't believe what I was seeing. I'll have what they're having.
Zillow's zestimate shows prospective buyer the pricing range for the target house, which is useful and informative.
According to Zillow, the house I'm living in now has increased in value over $25K since I bought it, which is a lot considering the purchase price. They apparently used the price I paid as a baseline, and upped the value based on a vigorous local market. I have no idea if this is accurate.
Both comments explain why I stated that Zillow is the least reliable of these sites.
- With the housing market on fire lately, are property taxes naturally going to rise? For example, if my home is currently assessed at 700K for tax purposes and now similar homes in the neighborhood are selling for 800-900K, am I hosed next time there is a re-assessment?
- related, if I buy a house with property taxes assessed at 700k for 800-900k, will my taxes automatically go up after I purchase or the next time taxes are re-assessed?
- With the housing market on fire lately, are property taxes naturally going to rise? For example, if my home is currently assessed at 700K for tax purposes and now similar homes in the neighborhood are selling for 800-900K, am I hosed next time there is a re-assessment?
- related, if I buy a house with property taxes assessed at 700k for 800-900k, will my taxes automatically go up after I purchase or the next time taxes are re-assessed?
Currently, on Long Island, there is no reassessment upon sale of real property.
Currently, on Long Island, there is no reassessment upon sale of real property.
Thanks. On the other end of the spectrum, can someone try to grieve their taxes (and be successful) if they bought their house below the assessed value?
Currently, on Long Island, there is no reassessment upon sale of real property.
With the reassement in Nassau. All homes are being reassessed at market value and that is the sale price. It’s a 5 year phase in. It will take 5-6 years for it all to even out. You can see the tpp reports on the Nassau site. My old house that sold in 2018 is now assessed 5k more than the purchase price. Taxes are going to 16k in 5 years not counting any additional yearly hikes it was in low 12s when we sold. My 2 neighbors on are assessed 40k and 60k less. The 60k one has a smaller lot. These homes haven’t been sold in 15 and 35 years.
Thanks. On the other end of the spectrum, can someone try to grieve their taxes (and be successful) if they bought their house below the assessed value?
You can grieve any time, as long as it's your primary residence and you fall within the now established income limits (see NYS website). Your success partially depends on how well you or the grievance company present your case. The company I have used personally has done an exceptional job not only for me, but also for my daughter, as well as some of my clients. But there are never any guarantees.
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