How Do I Determine Real Estate Value Based on Tax Appraisal?
Depending on your city, county and state, the difference between the taxable value of a property and the actual market value can be quite different. In smaller, rural areas the difference can be between 10 and 15 percent; in metropolitan areas the taxable and assessed values can be even more disparate. To be truly prepared, you need to know what the city, county or state rules are before you make any decisions about selling or buying a property. Contact your local assessor’s office. You can look up the assessor’s contact information on your city or county website. When you call the office, make sure to have your paperwork ready. Ask what percentage of the property’s appraised value is assessed for taxes. Depending on the county or city systems, the percentage can be anywhere from 10 to 100 percent. Locate the “appraised value,” “assessed value” and “taxable value” figures on your property tax assessment card. If you don’t have a property tax assessment card, check your prior year’s tax
