Is the assesment value on the property tax bill the actual selling price or value of the home?

March 7th, 2010 | by admin |

Because of the housing market, I lost about 50% of the market value.

Normally the assessment will be adjusted to match the sale price on a new purchase unless it is sold for less than the assessment. The value of your home is what someone is willing to pay for it…& can get financing for, unless they are paying cash.

  1. 4 Responses to “Is the assesment value on the property tax bill the actual selling price or value of the home?”

  2. By zeuz on Mar 7, 2010 | Reply

    Assessment value is initially based on actual selling price, but you can apply for a reduction in assessment value based on current market conditions.
    References :

  3. By Lisa L on Mar 7, 2010 | Reply

    Normally the assessment will be adjusted to match the sale price on a new purchase unless it is sold for less than the assessment. The value of your home is what someone is willing to pay for it…& can get financing for, unless they are paying cash.
    References :

  4. By chris.L on Mar 7, 2010 | Reply

    My understanding is that the assessment value is basically the government’s best guess at your value, taking into account the most recent selling price of the property, the selling price of comparable properties, and any improvements they’re aware of. 50% seems excessive to me, but then again I don’t know what kind of market you live in.
    References :

  5. By clay on Mar 7, 2010 | Reply

    There are no two houses exactly alike. Assessment value is normally based on comparable sales in the area, square footage and exterior finish (brick, vinyl siding, etc). Most appraisers never see the inside of the home for a tax appraisal. The assessment value is a guess at best.
    References :

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