Tax Assessment (sales, how much, houses)

[newnjbuyer]

Someone please explain to me the concept.

Also which is better

For better understanding, which is better:

House1: Building Assessment: $110,000, Land Assessment: $165,000 = $275,000
House2: Building Assessment: $120,000, Land Assessment: $255,000 = $375,000
House3: Building Assessment: $133,000, Land Assessment: $200,000 = $333,000

All three homes priced between $400k & $410k.

I understand building assessment based on sqft of house. Land assessment based on size of land.

Do i look at these tax assessments for anything other than to calculate the annual taxes? Can I judge the value of the property with this?

[apvbguy]

Originally Posted by newnjbuyer

Someone please explain to me the concept.

Also which is better

For better understanding, which is better:

House1: Building Assessment: $110,000, Land Assessment: $165,000 = $275,000
House2: Building Assessment: $120,000, Land Assessment: $255,000 = $375,000
House3: Building Assessment: $133,000, Land Assessment: $200,000 = $333,000

All three homes priced between $400k & $410k.

I understand building assessment based on sqft of house. Land assessment based on size of land.

Do i look at these tax assessments for anything other than to calculate the annual taxes? Can I judge the value of the property with this?

these assessments are what your taxes are based on, but different towns have different tax rates and you don't provide enough info for a good answer.
obviously # 1 is the best, you cannot gauge the value of the house off the assessments, depending on the town you dont know how old they are and how much off the true value they are

[newnjbuyer]

Originally Posted by apvbguy

these assessments are what your taxes are based on, but different towns have different tax rates and you don't provide enough info for a good answer.
obviously # 1 is the best, you cannot gauge the value of the house off the assessments, depending on the town you dont know how old they are and how much off the true value they are

Oh,ok....sorry I did not provide the info before. All in the same town, almost same age (couple years difference), and I think all listing said last assessed in 2007.

[apvbguy]

Originally Posted by newnjbuyer

Oh,ok....sorry I did not provide the info before. All in the same town, almost same age (couple years difference), and I think all listing said last assessed in 2007.

then the lowest assessed house will pay the least taxes

[newnjbuyer]

Originally Posted by apvbguy

then the lowest assessed house will pay the least taxes

I understand that....but other than to derive that, do the taxes indicate anything about the value of the house...

[apvbguy]

Originally Posted by newnjbuyer

I understand that....but other than to derive that, do the taxes indicate anything about the value of the house...

can't say, when was the last reval done?

[BobKovacs]

Originally Posted by newnjbuyer

I understand that....but other than to derive that, do the taxes indicate anything about the value of the house...

Not to any level of precision. If the last assessment of the town was 10 years ago, and since then a house with a lower assessment has made some improvements that would increase it's value, that change wouldn't show up in it's relative tax assessment value until the next time the area was reassessed. In the years between assessments, the town uses a multiplier times the assessed value to determine how much the taxes are, which is supposed to be adjusted to bring the total tax revenue for the town up to what's required.

In the neighborhood we just sold our house in, all of the houses started out with the exact same floor plan 50 years ago, and the lots were similarly sized. The last assessment was quite some time ago, since most homes were assessed in the high $60k to mid $70k range. In reality, homes were selling in the low $300k range, and there was no correlation between the assessed value to the sales price- prices were based more on the lot orientation, usable lot area, and updates that had been made to the house (new windows, roof, etc., as well as cosmetic issues). Even Zillow made a mess out of their "Zestimates" in the area, typically being off base by up to$100k.

[emanon]

The value of the land is the most important part of a homes value. This is based on Location. A poor structure in a good location can always be improved. A great structure in a poor location will always be that.

I am no fan of realtors but when they came up with Location,Location,Location they knew what they were talking about.

[Frank Costabile]

Is the land assessment based on the full lot size or the buildable envelope of the lot?