Home Ownership (misc.consumers.house)

Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1   Report Post  
Old December 12th 05, 10:04 PM posted to misc.consumers.house
chaz
 
Posts: n/a
Default Home SALES values -vs- ASSESSED values?

I will be listing my home for sale early 06. I have done a lot of research
at the county courthouse for similar homes in my area and have found that
the "assessed" value and the "sale" values are very far apart, some as much
as double. Can someone put me onto a reference on how to make sense of all
the data I have acquired?

chaz



  #2   Report Post  
Old December 12th 05, 10:19 PM posted to misc.consumers.house
doubter
 
Posts: n/a
Default Home SALES values -vs- ASSESSED values?

On Mon, 12 Dec 2005 16:04:09 -0500, "chaz" wrote:

I will be listing my home for sale early 06. I have done a lot of research
at the county courthouse for similar homes in my area and have found that
the "assessed" value and the "sale" values are very far apart, some as much
as double. Can someone put me onto a reference on how to make sense of all
the data I have acquired?

chaz


If the purpose of getting assessed values was to help you price your home
for sale you have wasted your time. Assessed values are for taxation
purposes only and for a variety of reasons have little or no relationship
to the current market value of a property. Actual methods of determining
the assessed value vary greatly from state to state and often county to
county. In any case they are of no value in setting an asking price.

  #3   Report Post  
Old December 12th 05, 11:48 PM posted to misc.consumers.house
chaz
 
Posts: n/a
Default Home SALES values -vs- ASSESSED values?


"doubter" wrote in message
...
On Mon, 12 Dec 2005 16:04:09 -0500, "chaz" wrote:

I will be listing my home for sale early 06. I have done a lot of research
at the county courthouse for similar homes in my area and have found that
the "assessed" value and the "sale" values are very far apart, some as
much
as double. Can someone put me onto a reference on how to make sense of all
the data I have acquired?

chaz


If the purpose of getting assessed values was to help you price your home
for sale you have wasted your time. Assessed values are for taxation
purposes only and for a variety of reasons have little or no relationship
to the current market value of a property. Actual methods of determining
the assessed value vary greatly from state to state and often county to
county. In any case they are of no value in setting an asking price.


As I stated, I have gleaned both the latest sales figures and assessed
values. In comparing them I found that the assessed values were in some
cases WAY off what the local sales have reflected.

thanks


  #4   Report Post  
Old December 13th 05, 12:02 AM posted to misc.consumers.house
Todd H.
 
Posts: n/a
Default Home SALES values -vs- ASSESSED values?

doubter writes:
On Mon, 12 Dec 2005 16:04:09 -0500, "chaz" wrote:

I will be listing my home for sale early 06. I have done a lot of research
at the county courthouse for similar homes in my area and have found that
the "assessed" value and the "sale" values are very far apart, some as much
as double. Can someone put me onto a reference on how to make sense of all
the data I have acquired?

chaz


If the purpose of getting assessed values was to help you price your home
for sale you have wasted your time. Assessed values are for taxation
purposes only and for a variety of reasons have little or no relationship
to the current market value of a property. Actual methods of determining
the assessed value vary greatly from state to state and often county to
county. In any case they are of no value in setting an asking
price.


This is absolutely correct. Varies by county. Your county's
assessor's office may have a FAQ posted that details how they come
upon assessed valuation.

If the goal is to dispute your tax valuation. then comparing assessed
values is certainly appropriate. At least in my county one of the
ways to dispute you taxes is based on "lack of uniformity," and you
cite the properties with assessed valuations less than your house, and
imply "mine has been assessed unfairly high, thankyouverymuch."

If the goal is to set a sale price, ignore assessed valuation
entirely. A combination of closed sales data of comp properties in
the same area, and listed comp properties is typically used. Getting
at this data is tricky though. Recordings of property transfers
usually lag by several months if you're looking at public county
records. Realtors have MLS and tend to have the most up to date data
on closed sales. Interviewing realtors to see how they'd sell your
home is a useful tool for a seller to get a good feel for this and get
some access to this data.

If the goal is to determine a valuation for appraisal, appraisers have
a criteria that typically look at closed sales more strongly than
what's on the market.

Best Regards,
--
Todd H.
http://www.toddh.net/
  #5   Report Post  
Old December 13th 05, 04:36 PM posted to misc.consumers.house
 
Posts: n/a
Default Home SALES values -vs- ASSESSED values?

The only thing that matters in figuring a sales price is the price that
similar houses have sold for in areas close to your home. Assessed
value is useless as far as determining how much a house should sell
for. Right now, market prices have risen dramatically and the last
assessment may have been done many years ago. The only important thing
with assessment is that all houses being taxed are assessed using the
same standard. It doesn't matter then whether the house is assessed at
$200K or $300K, as the tax rate is adjusted for the whole community
accordingly.



  #6   Report Post  
Old December 13th 05, 05:51 PM posted to misc.consumers.house
Bill
 
Posts: n/a
Default Home SALES values -vs- ASSESSED values?

There are several values for a house.

-The assessed value.
-The asking price by the seller.
-The offer price by the buyer.
-The selling price. (The *real* value of the house.)

Things are worth what someone is willing to pay for them...


  #7   Report Post  
Old December 13th 05, 08:34 PM posted to misc.consumers.house
v
 
Posts: n/a
Default Home SALES values -vs- ASSESSED values?

On Mon, 12 Dec 2005 17:48:47 -0500, someone wrote:

As I stated, I have gleaned both the latest sales figures and assessed
values. In comparing them I found that the assessed values were in some
cases WAY off what the local sales have reflected.

Yeah so what duh hey, what's your point?


Reply to NG only - this e.mail address goes to a kill file.
  #8   Report Post  
Old December 14th 05, 02:59 PM posted to misc.consumers.house
oldal4865
 
Posts: n/a
Default Home SALES values -vs- ASSESSED values?


chaz wrote in message ...

"doubter" wrote in message
.. .
On Mon, 12 Dec 2005 16:04:09 -0500, "chaz" wrote:

.. . .(snip). . .

As I stated, I have gleaned both the latest sales figures and assessed
values. In comparing them I found that the assessed values were in some
cases WAY off what the local sales have reflected.

thanks



In many places, that's the way it's supposed to be, by law. I have
an assessed value which is supposed to be 50% of an estimated sales price,
and a "State Equalized Value" which is again different.

Although the assessed value is supposed to be 50% of an estimated sales
price, there tends to be only a moderately strong correlation between the
estimated and actual sales prices with the actual about 10% higher in my
town.

If you can get your hands on the Multiple Listing Book or some other source
of recent sales prices, you can plot your own correlation between assessed
and actual.

Regards
Old Al



  #9   Report Post  
Old December 14th 05, 05:34 PM posted to misc.consumers.house
doubter
 
Posts: n/a
Default Home SALES values -vs- ASSESSED values?

On Wed, 14 Dec 2005 08:59:36 -0500, "oldal4865"
wrote:

If you can get your hands on the Multiple Listing Book or some other source
of recent sales prices, you can plot your own correlation between assessed
and actual.


To what end? Plotting sales price against the amount of rain on the the
date of the sale would be just as useful..
  #10   Report Post  
Old December 14th 05, 06:04 PM posted to misc.consumers.house
Todd H.
 
Posts: n/a
Default Home SALES values -vs- ASSESSED values?

doubter writes:
On Wed, 14 Dec 2005 08:59:36 -0500, "oldal4865"
wrote:

If you can get your hands on the Multiple Listing Book or some other source
of recent sales prices, you can plot your own correlation between assessed
and actual.


To what end?


RTFSL

SL stands for subject line.

--
Todd H.
http://www.toddh.net/


Reply
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules

Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On


Similar Threads
Thread Thread Starter Forum Replies Last Post
Desperate for advice on replacing dead 255K BTU furnace in 3200 sq foot house [email protected] Home Repair 24 November 14th 05 08:44 PM
$49 Ryobi OS sander at the Borg John Woodworking 23 January 28th 05 04:43 AM
Home Depot Scorns Christian Groups Ben Siders Woodworking 63 August 26th 04 03:52 PM
What's the deal with HF? SteveB Metalworking 34 June 16th 04 06:26 PM
Making a ruin into something habitable. Liz UK diy 140 August 12th 03 01:03 PM


All times are GMT +1. The time now is 07:25 AM.

Powered by vBulletin® Copyright ©2000 - 2022, Jelsoft Enterprises Ltd.
Copyright ©2004-2022 DIYbanter.
The comments are property of their posters.
 

About Us

"It's about DIY & home improvement"

 

Copyright © 2017