Posted by Lori Samson on May 27, 2000 at 15:05:46:
My personnal home was WAY OVER ASSESSED and the market just plunged before we bought it. After the appraisal came in 32k lower then the assessed value the taxed amount was then relooked at! Yes, if I see the numbers look like what you gave as the example, I get a little excited if it’s in my favor! Lori
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.
Donna
Re: How accurate (or inaccurate) are “assessed” values on houses? - Posted by DT (NY)
Posted by DT (NY) on May 29, 2000 at 03:39:47:
LOL…I had a property I was grieving that was assessed for 90,000 I paid 20,000… I had an appraisl done on it for 48,000… I went to the assessor and grieved the taxes to reduce them and was told the property was worth 90,000 as per their assesed value I said ok, “than give me 40 thousand for it and you can make a quick 50,000 when you sell it for 90,000 to add to the City Budget in Profit”…LOL…
Re: How accurate (or inaccurate) are “assessed” values on houses? - Posted by Laure
Posted by Laure on May 27, 2000 at 23:52:55:
Since our County switched to a new computer system three years ago, they have been incredibly accurate. Oh they can be off by 20%… but hey, that’s way more accurate than they used to be. Apparently, when there is a sale, it keeps track and updates assessed valuations for houses in that area. There is also a complete revamp every 4 years. They had my house within 3k of the actual appraisal.
Laure 
Re: How accurate (or inaccurate) are “assessed” values on houses? - Posted by Lori Samson
Posted by Lori Samson on May 27, 2000 at 14:58:56:
We are in Texas and we can never trust the assessed value. I find them worthless! I have a property that was appraised last year for 59k and the tax assessment said it’s value was 18K! Big difference. I love it because I pay only pennies for taxes on the 18K. I have another propery that just appraised last week for 82k and the new tax assessment was for 39k. Use comps for a market value or drive the neighborhood concerned and pull as many houses that are comparable to yours and see what they are listed at. I usually back off the listed price because agents usually jack up the listing price as high as they dare knowing they will be offered less. Hoping to then hit the true price after it’s been reduced. Other areas of the country are really close to an appraised value, just not in Texas Lori
Re: How accurate (or inaccurate) are “assessed” values on houses? - Posted by Bert ND
Posted by Bert ND on May 27, 2000 at 14:46:39:
The tax assesment has little to do with reality. For example, the last house I bought I got for $43,400. The appraisal came in at $46,000. The tax assessor says its worth $54,500, and that it will be going up $500 next year.
I could probably protest the assessment, but hey, when I go to sell it I can tell the buyer its worth $55K
BG
Re: How accurate (or inaccurate) are “assessed” values on houses? - Posted by Paul Ness MAI
Posted by Paul Ness MAI on May 29, 2000 at 15:38:36:
If you appealed your assessment, you should have a right to appear before an “impartial” hearing board. Don’t let the assessor shrug off!
Re: How accurate (or inaccurate) are “assessed” values on houses? - Posted by Paul Ness, MAI
Posted by Paul Ness, MAI on May 29, 2000 at 15:34:45:
If you filed an appeal you should have a right to appear before a hearing board.
And the city council said…??? You left me wondering, LOL. nm - Posted by Donna
Posted by Donna on May 29, 2000 at 06:12:43:
nm=no message
I can see not trusting them…and but to sell WAY UNDER ($35k)… - Posted by Donna
Posted by Donna on May 27, 2000 at 17:26:22:
the assessed value is different than selling way over. Just my 2 cents more.
Donna
But selling for $35k UNDER the assessed value is different… - Posted by Donna
Posted by Donna on May 27, 2000 at 14:58:50:
your example is a minimal difference as opposed to assessed value being $135k and selling it for only $99k.
Just some thoughts.
Donna