Tax assessed value versus reality in Salisbury area (North Beach: sale, real estate)

[mexicomike]

Does anybody else feel that the valuations on property in the Salisbury area are "out of whack" with actual sale prices? Thanks for your thoughts.

[MrRational]

Originally Posted by mexicomike

Does anybody else feel that the valuations on property in (name the area)
are "out of whack" with actual sale prices?

Of course they are. They always have been.

In almost every instance tax assessment will be BELOW the fair market value.
The three year re-valuation cycle usually catches anomalies.

What have you observed?

[North Beach Person]

Originally Posted by MrRational

Of course they are. They always have been.

In almost every instance tax assessment will be BELOW the fair market value.
The three year re-valuation cycle usually catches anomalies.

What have you observed?

You're the first person I've ever seen claim that assessments are less than market value. Usually the complaint is that the assessment is higher than market value.

Remember that MD has somewhat of a two tiered assessment system with the Homestead Exemption for long time homeowners.

[MrRational]

Originally Posted by North Beach Person

You're the first person I've ever seen claim that assessments are less than market value.

I'm a realist.

Aside from the turbulence of the last few years price run ups and then reversals...

[Richard Martin]

Originally Posted by North Beach Person

You're the first person I've ever seen claim that assessments are less than market value. Usually the complaint is that the assessment is higher than market value.

I've also noticed that assessments are less. People only complain about the assessment value when they're paying the taxes. When it comes to time to sell that home, they complain the values are too low.

If you do a real market analysis of a particular home, including comps and sq. ft., most people's homes are worth more than the assessed value.

[HillWilliam]

I feel your pain when the real estate boom finally went bust in S Fl our home was appraised hundreds of thousands of dollars higher then actual value by the tax assessors. Either way it goes it seems to always favor the country and hurt the owner, funny huh?