Tax value vs sale price (appraisal, agent, sales, property tax)

[littlelou]

I am looking for a small 'starter" home in the Charlotte suburban area of Rock Hill, SC. I saw a listing for one that interested me and I drove by, decided to look into it more. Noticed on the MLS printout that the tax value was about 25,000, less than the asking price. Does that seem right? Most of the others I've looked at are the opposite, more than the asking price. Is this a steal or dud?

I have a buyer's agent but she is in the hospital and I don't want to disturb her with this question but it's nagging me....

[Sandy Nelson]

Here where I live, the tax assessment values are all over the board. Some are below market value and some are above. The best way to get peace of mind is to have you agent do a market analysis to check at what price similar homes in the neighborhood have sold for recently.

[ETex2]

What Sandy said.

BTW Sandy, I have a couple of your old albums.

[Rakin]

I agree with the guys above, it has nothing to do with true market value. I fight my values every year to keep them as low as possible.

Wise people do not call the tax appraisal district and tell them their values are low. Just enjoy the lower taxes this places on the house.

[jamesss]

hello,


i think that he is asking right because of that area. your idea is great and you have to buy home there.try to decrease its price money.but that house is good from my point of view.




thanks



_________
twin xl comforter

[North Beach Person]

If your state is like most, your assessable base will rise to the sales price on closing so your property taxes will be based on that new value.

[Belmarin]

Rock Hill is located in York County SC and had a change in how a home is assesed (valued) for taxes about two years ago. Previously all homes were assessed every couple of years with a mandated limit on how much of an increase was allowed. Now a home is assessed based on the current sales price of the home with no limit on the increase. For example, I purchased my home 3 years ago and it had a assessment value of $309K, since my home was subject to the new legislation my current assessment is $455K. My neighbor (same townhome) has a current assessed value of $297K as no sales transaction has taken place in the past 3 years.

Without knowing the history of the property, it is very likely it is being assessed at the old rates. When the property is sold it will be reassessed at the new value.