How accurate (or inaccurate) are “assessed” values on houses? - Posted by Donna
Posted by Donna on May 27, 2000 at 14:36:10:
I’m looking at a house “assessed” at $135k but owners are selling for $99k…now I’ve heard of selling OVER assessed values…or at MINIMUM NEAR them…but never this under the assessed value.
What would this tell you about the owners and/or the property or even the neighborhood?
I know when I lived in upstate NY, they assessed my house at over it’s true market value…that’s for sure. They assessed it at $92k when it needed lots of cosmetic work, which we did a few years later, and when it came to sell it, we couldn’t even ENTERTAIN $89k for the asking price!!
But still we weren’t $35k under the assessed value.