Many people received a new tax assessment in last week’s mail. Some homes have gone up in “assessed value” and some have gone down. My own home went from an assessed value of $144,200 down to a new assessment value of $124,500.
Does this mean that I can only sell my home for $124,500 now? NO. Your assessed value is not the same as your home’s fair market value. It is closer now, but still not quite on the money. The only way to get a true picture of the value of your home is to do a Comparative Market Analysis.
Where does the Assessor come up with these numbers? Well, some people feel that there really is no rhyme or reason to a tax assessment. I’m sure the professional assessors would say otherwise. They have access to sales prices of homes so they use those numbers to try to come up with a reasonable value for your home. By nature, tax assessments are lagging. They will never be right on point, because the market changes every day. As sales prices go up and down, so will the assessments.
Here are some things to think about:
- If your home’s value went down, YAY, you will now have lower taxes. When your lender gets the new bill, your monthly mortgage payments will most likely go down a little.
- Sales over the past few years have been rather slow, although we are now seeing improvements. Assessments are catching up to those lower sales numbers just as they are changing.
- You CAN appeal the number if you think it is too high, although nobody really ever appeals a number they think is too low. It would be like telling the County, “Oh please let me pay more taxes!”
- Generally, your assessed value is LESS than your market value.
Overall, it is most important to remember that the only way to get a TRUE market value for your home is to compare it to the homes around you that have sold within that past 6 months. A Comparative Market Analysis will show you exactly what those homes have that caused them to sell for a certain price, and then we can see how your home stacks up. Of course, I can do that for you for FREE.
Please visit this page to get more informaion about what YOUR home is worth: https://callmichellemorris.com/what-is-my-home-worth/