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Tax Assessment

When you receive the tax assessment for property and a house how close to market value is it usually? Can you sell it for more or typically less?

 
Melbornj

Asked by Melbornj at 11:52 AM on Oct. 20, 2010 in Money & Work

Level 41 (131,608 Credits)
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Answers (5)
  • Our townhouse is assessed way too high imo. The same units in our neighborhood are selling for about 25K LESS thanks to the market. I am appealing, and hope to get my tax bill lowered.

    KairisMama

    Answer by KairisMama at 10:02 PM on Oct. 20, 2010

  • Our tax assessment is lower than what we could sell our house for, in our area I believe this is usually the case. If you want to know how much you should ask for your house, the best thing to do is talk to a Realtor about what similar homes in your area are selling for.
    Scuba

    Answer by Scuba at 11:54 AM on Oct. 20, 2010

  • An assessment is just that but you can go higher but you run the risk of not selling. So the realtor goes with the other homes that have sold in your neighborhood as a guideline. That why a realtor does Comps to see how much you can ask for in your home. 

    musicmom08

    Answer by musicmom08 at 12:03 PM on Oct. 20, 2010

  • When we sold our house in 2007, our tax assessment was nearly 15K less than what we sold it for, and 30K more than what we bought it for a year and a half prior. So i have no idea if those things are an accurate reflection of your home's market value.
    MommaofH2

    Answer by MommaofH2 at 11:53 AM on Oct. 20, 2010

  • Well we already sold our house, within the month and this got me thinking. We along with family and friends think we could have got more but we figured our realtor knew better.
    Melbornj

    Comment by Melbornj (original poster) at 11:55 AM on Oct. 20, 2010

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