Tax assessor's value?

[Liberty Belle]

Does tax assessor's value have anything to do with fair market value on homes for sale?

 

[KathyTX]

Depends on your location.

In some places, the assessed value is supposed to be in line with fair market value. If a home sells, the assessed value will sometimes become exactly the price it sold for.

In other localities, the assessed value is a lot less than actual market value.

Either way, the assessed value becomes a factor that is then multiplied by a tax rate to achieve tax owed.

 

[luvmy3]

Ours has recently changed. We were assessed at below FMV but 2 years ago they started to assess at 100%. You can check with your town to see how yours figures it out.

 

[BriarfoxinWA]

Ours used to be about 30% less than FMV. They only re-assess property every 4 years and currently we are seeing values that are above the current FMV.

 

[mickeyfan1]

My assessed value on my condo in NH was set at 255K in June. My condo sold for 232K that same month. I think the assessors were wishfully thinking on that one. Currently, the condos on the market are listed at 219K.

It does depend on the area, and the whim of the assessor, apparently.

 

[Colleen27]

Here it used to be roughly half of FMV, but that's come completely unhinged since property values fell off a cliff. The FMV of our house is actually less than the taxable value right now.

 

[manning]

Here the assessed value is based on the average selling price of like homes over a rolling three year period.

 

[barkley]

in california it was pretty much what you paid for it so there are people in my old neighborhood who have homes assessed at close to $700,000 that could'nt sell today for more than $400,000. you could apply for a reassessment when property values declined but i'm hearing there's as much as a 2 year wait in some counties to have this done.