What is the correlation between the county’s tax assessed price on a home and the price that house will sell for? Nothing. It’s comparing apples to oranges. Here are some things to consider.
Assessed Value is the means to an end. Our local government needs to collect an appropriate amount of taxes to fund their budget.
The government will get what they need – they will either raise our assessments or raise the millage rate. But be assured, they will get the money.
Market Value is determined on what buyers are willing to pay at any given time. The main three criteria are price, location and condition. The seller can control their asking price and adjust the condition.
Tax assessments are assigned annually. It takes awhile for the assessed value to reflect fluctuations in the local market.
Market value is fluid, changing constantly.
Tax Assessors are human – they have good days and bad days, just like the rest of us!
Home buyers’ decisions are subjective – they will buy what appeals to them.
Tax Assessors, for the most part, do not go in your home.
Buyers tour your house and have an opinion about what they want, what they don’t want, the work they are willing to do and the tasks they are willing to overlook.
What does all this mean to you? Are you a buyer? Are you a seller? The tax assesor site is a great place to sleuth info about a neighborhood. But, whether you are a buyer or seller – don’t use the tax assessed value to justify your buying or selling price!
What is the correlation between the county’s tax assessed price on a home and the price that house will sell for? Nothing. It’s comparing apples to oranges. Here are some things to consider.
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