The Tax Assessment Of A Property Is Most Useful For... Calculating The Real Estate Tax Bill For The Property


The Tax Assessment Of A Property Is Most Useful For... Calculating The Real Estate Tax Bill For The Property
By Scott Rogers • November 9, 2021
Oh, I see that house down the street is for sale! What's the list price? They are asking $400,000 for the house. What is the tax assessment of the property? Why? --- If you want to know the tax assessed value of the house to understand how much an owner of the property pays in real estate taxes - great! Let's go take a look at the tax assessment. --- If you want to know the tax assessed value of the house to evaluate whether the seller's asking price for their home is reasonable -- you likely aren't looking in the right places for indicators of market value. --- Tax assessed values are actually intended to be a good indicator of market value, as the City and County want to be taxing you on the basis of the actual market value of your property... but... oftentimes, the tax assessed value of properties in this area range from low to very low. Part of that is due to timing. Today's tax assessed values may be based on sales data from 12 to 18 to 24 months ago due to the time intensive process of analyzing property values and updating tax assessed values. The median sales price is currently increasing quickly, at a rate of 10% to 12% per year. Thus, when market values are quickly increasing and tax assessed values are based on 12 to 24 month old data, you are likely to see a more significant difference between tax assessments and market values. So, it's fine to look at the tax assessment of a property, but I wouldn't put too much confidence in thinking that it is an indicator of the present market value of the property. Receive Updates by Email Recent Articles: There Are Plenty Of Types Of Houses That Exist That Just Are Not Available To Purchase Home Sales By Price Range In The City Of Harrisonburg Are You Compromising On Aspects Of Your Next Home That You Can Or Cannot Change Later? How Much Slower Are The Winter Months In Our Local Housing Market? Rockingham County and New Home Sales Drive Surge in Area Housing Market Find The Balance Between Optimistic And Realistic Home Pricing Room Size Is Difficult To Understand Solely From Real Estate Photos How Much Would You Value Not Having To Prepare Your Home For Showings? One Out Of Four Homes Is Taking Longer Than A Month To Sell Consider The Cost Of Your Planned Renovations When Planning Your Offer
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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