Assessed Values - What and Where . . . | HarrisonburgHousingToday.com :: Market Updates, Analysis and Commentary on Harrisonburg and Rockingham County Real Estate

Assessed Values - What and Where . . .

By Scott Rogers • January 10, 2008

The assessed value of a property is the value assigned to the property by the local assessor's office, for the purpose of determining how much you will pay in taxes. Harrisonburg has a great "Understanding Assessments" guide on the Commissioner of the Revenue section of their web site.

How to determine the assessed value of a property:

For Harrisonburg, visit the new Real Estate Information System to view assessed values for properties, and lots of other property information.

For Rockingham County, visit their GIS web site, where you can search for a property, and obtain its assessed value.

Additionally, if you have trouble with either of these systems, feel free to e-mail me (scott@cbfunkhouser.com) --- I look up assessed values quite frequently, through both of the systems above, and through the MLS. I'd be happy to look up a property for you and e-mail you back with the assessed value.

Real World Assessments

Let's take a look at a few real world assessments compared to recent sale prices to see how they compare, starting with the three real estate closings from the past few weeks in our MLS for Harrisonburg . . .

1064 Meadowlark Drive (closed 1/2/2008)
Sale Price = $155,000
Assessed Value = $149,500 (96.5%)

1159 Westmoreland Drive (closed 12/27/2007)
Sale Price = $265,000
Assessed Value = $204,300 (77.1%)

80 Maplehurst Avenue (closed 12/27/2007)
Sale Price = $312,500
Assessed Value = $229,600 (73.5%)

1090 Oakdale Court (closed 1/3/2008)
Sale Price = $167,000
Assessed Value = $144,000 (86.2%)

4765 Lawyer Road (closed 12/28/2007)
Sale Price = $270,000
Assessed Value = $180,900 (67.0%)

126 Wilson Way, Massanutten (closed 12/28/2007)
Sales Price = $325,000
Assessed Value = $299,000 (92.0%)

It becomes clear that there is not a magical percentage that can be used to determine the market value of your home based on assessed values.

Finally, here's one example of a house (that I am marketing) that is for sale at a price below the appraised value:

6210 Dotts Lane, Penn Laird (click here for details)
Asking Price = $319,000
Assessed Value = $333,200
With amazing views, a large lot, a private neighborhood, schools in close proximity, superior construction quality, and a price below appraised value, it is a great opportunity!

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Have any questions? Contact Scott Rogers at 540-578-0102 or scott@funkhousergroup.com

Based on information from the Harrisonburg-Rockingham Association of REALTORS® or its MLS, for the period Jan 1, 2000 through Nov 21, 2024 (unless otherwise noted).

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