Posted by Scott on August 27, 2003 at 24:20:09:
In varying parts of the US, I don’t use the County
Tax Assessor value as the rule for the real value of
a property. Your area might be different.
For example: I live in Orange County, CA. Because of
Proposition 13, the last time the tax assessor could
have valued a property would have been who knows
when. We have million dollar properties assessed at
50% of their value for example. Wow!
In Dallas, where I used to live, the Tax Assesor was
right on. That was the rule of thumb for the current
market and economy there.
But, all-in-all, I’d suggest for you to get comps for
your area. Sold comps in the last 6 months is the
starting point. You can ask a realtor, or drive
around your neighborhoods pulling flyers until you
get used to the area values.