FMV?? - Posted by Joel D

Posted by george on May 02, 2000 at 19:14:09: gives recent sales.

FMV?? - Posted by Joel D

Posted by Joel D on April 29, 2000 at 17:42:29:

I saw a formula stating that you should offer 70% of FMV - is FMV the fair market value according to Comps or the tax statement fair market value.

Re: FMV?? - Posted by phil fernandez

Posted by phil fernandez on April 29, 2000 at 18:16:11:

Do not depend on the assessed value of a property. This is strictly for tax purposes and often has nothing to do with what a property is worth.

You want to know what similar properties are actually selling for. And make sure you are comparing apples with apples.

Re: Phil is 100% Right!!! - Posted by NJDave

Posted by NJDave on April 29, 2000 at 18:57:51:

In theory, a property’s tax assessment should be at or close to it’s FMV. In practice, it rarely is. More often than not, a tax assessment has no valuable relationship to market value.

You should know that what you and many others consider ‘comps’ are simply raw data that needs to be manufactured into comparable sales.

The various sites that offer recent sales, or tax info are but one tool needed to determine an appraised value.

I know of no ‘free’ sites that offer ‘comps’.