How should the current assessed value of a property affect the dollar figure in an offer to purchase?
Carol, One thing I have learned in many years in this industry is that: Assessed value has absolutely no relevance to what the property is worth based on the current market conditions. Assessed values are done by the municipalities for the purpose of collecting taxes on the property. By the time a property is assessed- the values that were used to achieve that assessment – property values most likely have changed (either up or down). Plus the method of calculation of value varies by city. The best way to determine what a property is worth is to have your Realtor give you Recent sales data (hopefully within the last 1-5 months) This is a much better way to determine current market value. All the Best To you in your search!
Related Questions
- I am about to purchase a property at a price significantly below the assessed value. Will my property taxes be based on the new purchase price or on the assessed value?
- How does the Assessment affect the property taxes I pay? What taxes are based on the Assessed Property Value?
- If an owner purchased a property in 1999, should the assessed value be the same as the purchase price?
