I am looking to buy 6 acres and the lady wants 15000, and tax appraisal says it is worth 33000. I know it is worth way more than 15000 but how accurate is the tax appraisal here in Texas. It will be appraised soon I am just wondering what to expect.
2006-12-19 14:46:13 · 5 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
property is only worth what someone is willing to pay for it. tax appraisals are lower than market because it has a direct correlation on cost and will drive people away from a community. gennerally speaking the larger the community the lower the taxes because their are more taxees. My fathers property in South Oak near Dallas was recently reappraised and is now double the previous amount. buy low sell high. its only worth what its worth to the buyer, capeche?
2006-12-19 15:13:14 · answer #1 · answered by Stanley S 2 · 0⤊ 0⤋
Here in Illinois the tax assessed value is usually 1/3 of the Market Value as of the day the property was assessed or sold, then it is increased by a percentage each year to reflect supposed increases in property value. So if a house was sold or assessed by the county assessor at $100,000 Market Value in 2003, it would have been assessed at $33,000 for tax purposes and then increased each year by 8-10%. But the actual Market Value might be around $140,000 today, and the assessed value would only show about $42,000, which is less than 1/3 of the Market Value.
2006-12-19 14:59:59 · answer #2 · answered by macc_1957 3 · 0⤊ 0⤋
A tax appraisal is a value for taxation purposes. It is not the same as market value. Every municipality does it differently, it maybe some percentage of market value. From experience you should expect the appraised value to be more than the taxable value.
2006-12-20 02:52:46 · answer #3 · answered by tianaramal 4 · 0⤊ 0⤋
In my experinece tax assessments run low (people like low taxes and assessments can be old). An actual real estate appraisal compares current market to your property and is more accurate.
2006-12-19 14:48:55 · answer #4 · answered by michelleferro 2 · 0⤊ 0⤋
tax assessment may or may not represent the market value of a given piece of real estate. many factors. when was it last updated? is the taxing authority obligated to assess at 100% of market value. your best best for determining the actual market value of the land is to check for comparable sales. raw land that has sold within the last six to twelve months in the same general area with the same general features. do you have a real estate agent? if so, they can pull the comps.
good luck, enjoy your land.
2006-12-19 14:56:34 · answer #5 · answered by aaron c 2 · 0⤊ 0⤋