Buying A Home
pinkeggs
member
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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Question about tax assessment
When looking to put in an offer, does/should the most recent tax assessment be considered? Is it something to consider in addition to the comps, or is it not really useful, i.e. the "zestimate"?
"Get your facts first. Then you can distort them as you please."
~ Mark Twain
Re: Question about tax assessment
For market value? No.
But it could impact your property tax bill depending on your jurisdiction. We are in a high ppty tax area so we did consider it when figuring out our total monthly payments. Our area uses market value as an assessment estimate, so we were able to protest our assessment and get our taxes lowered by a few hundred $. Next year we're going back to fight for more (we purchased for $40K under assessment, and they only conceded $20K)
The assessed value can vary from each area and does not really play an important part when making an offer. It is the value the county has assessed for taxes. If you are purchasing from an individual seller the value may be lower than market value for a few reasons.
1) the homeowner protested the value to keep their taxes lower
2) the assessor may not increase value often (in CA the value is established when you purchase it and then may not increase for years, there is a cap of 2% but is usually not increased that often)
3) the home may have been transfered between family in which the assessed value will not increase.
Your agent will be able to provide you with comps which have sold in the last few months which are of similar size and age. These are the same homes the appraiser will likely use to appraise the home for your lender.
I sold real estate in Texas and CA for 10 years. I hope this helps!