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t1 | If a house is selling for $38,000 dollars what does the Assessed Valuation $6000 dollars mean? |
If a house is selling for $38,000 dollars what does the Assessed Valuation $6000 dollars mean?
Does it mean it will be appraised for $6,000 dollars instead of 38,000? |
 |
 
DSR57
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In my county in Minnesota it would mean that $6000 is the value of the house for the purpose of assessing property tax. It has little to do with the actual "market" value of the house which would take other things such as demand for housing in the area, how the property is zoned, etc... |
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fluke
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that is number the tax assessor uses to say how much the taxes should be. depending on your town, it may be the actual value, but more likely, it is some formula they use and has no bearing on asking price. (you can go ask the assessor) |
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Sabrina
 |
It means that the house is in need of repairs--BIG TIME! |
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Gem
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It is assessed by the city, based on the last time the house sold. And is the number that is used for the current homeowner's property taxes.
It will have no bearing on your appraisal, but it does give you a clue as to how much your taxes are going to go up (potentially 6-7 times as much as current homeowner). Ask your realtor to explain to you how the local municipality comes up with that figure. |
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amber waves of grain
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It probably hasn't been assessed in a while. Some communities assess every two years, others may only assess when the property is sold/transferred. Have the property appraised before you buy. At $38,000 you're bound to be getting a deal!
And here's my advice to all homebuyers: get a property inspection. It'll cost you a few hundred dollars but it's worth it to know in detail the condition of the house. If the condition is too bad you'll be able to get out of the contract (before closing) based on the inspection. |
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agold_12
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It means the house was only evalutated at $6,000. and they have upped it by $32,000. I don't believe it has anything to do with the appraised value. |
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Ashley L
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Yes that is exactly what it means. The market on houses sucks!! My husband and I are looking into buying a house and everything is sooo overpriced! |
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Anabanana
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If you live in Michigan the assessed value is supposed to be half of the market value. In other words, if it's assessed at 6000 then it's market value would be 12000. Of course, the realtors are the ones who set the asking price of real estate. |
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Alterfemego
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Assessed value is taxes on the property and has nothing to do with the current market value of the property. |
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Leo F
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There are so many wrong answers here. The assessed value of a prop has nothing to do with appraised value. Let say the market value is $100,000, the assessor office will assess it at 65% of market value (different in all countys) so take 65% x $100,000 = $65,000 Now each area within the county will have a mill rate like 19 lets say (mill rate depends on schools, fire protection, parks, ect)
so take $65,000 x 19 = 1235000/1000 = $1,235 are the taxes per year (you divide by 10000 because a mill is 1000 of a dollar) Hope this help you understand that assessed value has nothing to do with market or appraised value. |
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Gypsy
 |
try sm care.org for an explanation of the process of assessed value.... |
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bizPartner_breakup
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The assessed value is simply the valuation the County (or other local governemental taxing agency) Assessor has given the property for tax purposes. Assessed values are typically never the actual market value. If this home is purchased for $38K, the Assessor will then assess it at that value since that was what it sold for and your property taxes will be based on that new amount. Bottom line dont worry about those numbers in determining what a property is worth instead concentrate on what similar properties are being sold for. |
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