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07-03-2009 at 2:24 PM
womet
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womet is not online. Last active: 11-22-2009, 11:50 AMSilver

tax assessment of prop value

How does the property value that the tax commissioner assesses relate to the home's value? DH and I have started looking at houses, and we have also been looking at our county tax commissioner's page for the houses we are interested in. Some are listed for more and some are listed for less. Is there any relation?



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07-03-2009 at 2:54 PM
karome
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karome is online. Last active: 11-22-2009, 1:39 PMSilver

In every area we have looked there is almost no connection between market value and assessed value.

In some areas it appears that if you double, triple or quadriple the tax assessed value, then you get closer to market value, but that can't be said for all areas.

Comps are the only real way to tell what market value is for the area you are looking in.

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07-03-2009 at 3:48 PM
womet
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womet is not online. Last active: 11-22-2009, 11:50 AMSilver
Thanks! We'll definitely look at comps but we're not sure if the tax assessment meant anything.



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07-03-2009 at 4:59 PM
Jerseygirl...
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Jerseygirl16 is not online. Last active: 11-21-2009, 1:53 PMSilver

No relation.  I think it may depend on how often they do assessments.  I know our house that we paid $207k for shows as assessed for around $97k every year.  I figure this is what it was when it was built 13 years ago.

That's a big reason while I'll never build new construction again.  You get killed on taxes.  That might not matter everywhere but here in NJ it sure does. 

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07-03-2009 at 6:25 PM
2xtime
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2xtime is not online. Last active: 11-22-2009, 12:59 PMBronze

womet:
Thanks! We'll definitely look at comps but we're not sure if the tax assessment meant anything.

Means nothing, do not base values on tax assessment. Use real sales comps.
Mary[


 
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07-03-2009 at 9:33 PM
LateSummer...
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The tax assessment does affect how much you pay in taxes. In my area they assess every 3 years, so if you are looking at an old assessment, it may not even be close.
 
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07-03-2009 at 10:19 PM
Beth&Derek
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LateSummerBride:
The tax assessment does affect how much you pay in taxes. In my area they assess every 3 years, so if you are looking at an old assessment, it may not even be close.

I'm pretty sure they assess about every 3 years in my area too. My house was appraised at $232k and the city has it assessed at $270k. The higher assessment makes my property taxes higher, so I'm hoping they reassess soon!

 
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07-06-2009 at 7:50 AM
Pamela05
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Pamela05 is online. Last active: 11-22-2009, 1:39 PMSilver

Our tax assessment is right on, but I'm pretty sure that is only because they took the sales prices and called that their assessment.  If you were just looking at the outside of the house and what's written on paper there is no way it could assess for that.

For the most part though, prop tax assessment doesn't relate to what you'll pay for the house.  And be prepared for that assessment to go up dramatically once you purchase.
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