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scanjet | I was curious how a house value is based upon it's market value? (See below)? |
My wife and I bought our first house in september of last year at that time we paid 174K the valation according to the State of Maryland was only 86K. State of Maryland values it's properties every 3 years. On janurary of 06 I got a reassessed valuation for the house at 152K. What does this actually mean does it mean I paid too much. How can I get my actually sell price based on this. How do they calculate this. I looked at other houses in the area and found them to be close to this new assessment. |
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starkxyzzy
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The tax valuation of a home, the value that the state gives you in order to decide how much you will pay in property taxes, often is inaccurate. This value may be well below the real value of the home, so you shouldn't pay much attention to it.
The only problem would be if the state were valuing your property at more than it's really worth and taxing you based on that. |
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?
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Thats only for the state when they tax you and what not. Your home goes by many factors. If you want to know what your home is worth roughly. Go to a real estate agent and ask them what are the current values of the homes in your area. |
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Jeffrey S
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While most states' valuation of your home value for property taxes is usually on the low side, or include a deduction for different things (like homestead), the key to answering your question would be to look at comparable sales in your area. You need to look at houses that are close to the same as your house (features, square footage, etc).You should be able to put together a average cost per square foot for them and compare that to your house.
By the way, you should have done that before you purchased you house to begin with. |
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c_schumacker
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1. Maryland
Maryland originally adopted an assessment increase limitation in 1959, but the statute was amended in 1991. The assessment limitation applies only to homesteaded property and varies by type of government. Assessment increases for state government property taxes are limited to 10 percent per year. County and municipal governments are allowed to cap the increase in assessed value at a rate less than 10 percent if they so desire, i.e., they can choose a limitation between 0 and 10 percent. There is no limitation imposed on assessment increases for school districts.
It appears that the taxation value for your house is simply being limited by a statue that prevents the house to go up in value by more than 10% per year. Therefore the taxation assessment has nothing to do with market value. Any other homebuyer, real estate agent, etc will know that too. In order to get a real estimate of the value of your home, they will use comparisons of like homes in like neighborhoods over the last six months. |
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mkostelnik@sbcglobal.net
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You want that number to be low. That is what they base your real estate tax on. It has nothing to do with the fair market value of your home. It is always lower. Where I live it is usualy 75% of the market value. In my case I have had to fight to keep it lower than the real value. You have a good problem. |
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mazziatplay
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The tax assessed value and the true market value are two entirely separate things. That is a good thing for the homeowner because you pay taxes on less than the selling value of the home. In some states, there have been tax limitation measures passed that limit how much the county can increase your assessment when they do reassess.
In order to accurately determine your home's value on the market at any given time you would need to have it appraised by a licensed independent real estate appraiser. Market conditions drive property values and market conditions are constantly in change. The appraiser compares your home to other homes that have sold with in the last six months. Those sales must be comparable, in other words, those houses must be as close to yours in size, type, age, condition, amenity, condition, etc, as he can find using the local multiple listing service data. Then by making adjustments for any differences, he can bracket the value as of that date.
An alternative would be to have a reputable local Realtor prepare a market analysis package for you. They will normally perform this service for you at no cost. That will give you an approximate price range at which the home might sell in the current market.
Be thankful for your county's low assessed value on our home. It is saving you money. |
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IWasWondering
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Each state and county within a state has its own rules for assessment. Typically, assessments are some percentage of sale prices, with some averaging done (since the value of one property in a neighborhood will change the value of the other properties in a neighborhood).
Assessments are used to calculate taxes and has nothing to do with how much someone is willing to pay for your house. For a homeowner, the lower the assessment, the better.
Your house's Market value should be more in line with the sales price, since it should be based on the actual sales price of properties similar to yours. |
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TBor ROCKS
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The value of the house and what you can sell it for are two different things. 1. You are dealing with supply and demand (buyers or sellers market) 2. Neighborhood. 3. How many people are bidding on the house. It's up to you as to what offer you decide. |
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Soon to be Mrs.
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The valuation the state does is for tax purposes...the market value is what you can expect an outside party to pay for your house. |
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Marvinator
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The TAX value and the MARKET value are NEVER alike. Tax value you want low and Market Value you want high. Never compare the two unless they get close together.
The value of a house can be determined actually by the sales of similar houses in the area. Most often, a real estate representative can give you a listing of recently sold houses in the area which compare to yours to help you in placing a Market Value on your house. |
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