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our tax appraisal is far less than home appraisal. Trying to sell, should we have them reappraise during sale, can tax office come back and say we owe more because of new tax rate?

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Asked by acedusty at 2:20 PM on Mar. 14, 2011 in Money & Work

Level 1 (2 Credits)
Answers (7)
  • Hmm, I could be wrong but I always thought that that the tax appraisal was usually less than the home appraisal. The tax appraisal is what the house is worth but the home appraisal is what it is worth to buyers, does that make sense?

    Answer by Anonymous at 2:39 PM on Mar. 14, 2011

  • Makes sense. We have a buyer basing her offer of tax appraisal. We have done alot to this house over the past 5 years, hence the real estate appraisal. Tax folks have not bothered to see. If we have them come out to see and bring the rate up, can they come back and say we now owe the difference?

    Comment by acedusty (original poster) at 2:51 PM on Mar. 14, 2011

  • No, I don't believe so. I also think with tax appraisal the main things are how many bathrooms, bedrooms do you have. If you just upgrade it doesn't necessarily make the value go up like adding a bathroom would. When we got our last tax appraisals they went up a little because the whole neighborhood did for some reason, no one even came and looked at our house. They shouldn't be able to go back and make you say you owe for the work you did, especially if it was work that didn't require permits because then there was no reason to tell them.

    Answer by Anonymous at 2:59 PM on Mar. 14, 2011

  • You WANT the tax appraisal to be lower- means you pay less taxes on it. Its the home appraisal in regard to the comparable houses that you want high.

    Answer by nsrush83 at 3:59 PM on Mar. 14, 2011

  • Your tax appraisal should be less than your home appraisal. The amount of taxes you pay is based on the tax appraisal and you want to pay as little as possible. Your home appraisal is based off of what other similar houses in your area are selling for, that's the only one that matters when selling your house.

    Answer by slw123 at 4:43 PM on Mar. 14, 2011

  • I understand we want the tax appraisal lower, thats not the problem. We have an offer from someone that is basing her $ offer off the tax appraisal not the home appraisal. We live in the country, real estate values differ here rather than a neighborhood. We had a appraisal done in 2008 that came in at 330,000, that was before we added granite, new fixtures and fireplace and enclosed the back porch into a sunroom. Granted the market is different in 2011 and our asking price is 319,900. We have somehow managed to stay under radar in regards to taxes, maybe its the county or being in the country. Tax amount is based off the value of the home and property (15 acres) from sometime in the early 2000 year. We have been here 5 years and it has nevered changed.

    Comment by acedusty (original poster) at 5:27 PM on Mar. 14, 2011

  • Offers should be based on what other homes of comparable value are selling for in the area. They are not based on the tax appraisal. Don't let a buyer get away with that. You have a realtor don't you? Ask to see the comps for your area and if the realtor doesn't do that he/she is not serving you well. GL


    Answer by elizabr at 7:49 PM on Mar. 14, 2011

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