Posted by dell-ohio on July 27, 2003 at 22:04:51:
Using tax apprasials to determine value can get you into a lot of trouble. I know in this area some of the counties do not use FMV for tax purposes. One county uses 70% of FMV.
Another rxample, a friend of mine just purchased a house. It had been on the market for three years. Started at 595,000 down to 495,000 after one year (tax appraised value) dropped to 425,000 a year later. I suggested she offer 250,000. She offered 275,000 bought it for 325,000. She has the tax appraisers come out and reappraise the house. They appraised it at her purchase price. Dramatically reducing her taxes.