If a property is "assessed" for 46000 for tax purposes/mils approximately how much is the property worth

Answer 1

It depends on where you're located, and how recent and how accurate the assessment is. Tax assessments and fair market value can be totally unrelated, although most places have a percentage (sometimes 100%) of FMV that properties are supposedly assessed at.

For example, I've lived in my house since 1973 when it was new, and except for new construction, houses in my county have been reassessed once since then, maybe 10 years ago. Property here is supposedly at 50% of FMV. Are the assessments around here accurate? I sure wouldn't bet on that.

Answer 2

In most jurisdictions, the assessed value is supposed to be 100% of the market value, but that is rarely either the appraised value or the actual value, all of which should be the "market value." My experience is that the assessed value tends to be somewhat lower (maybe as much as 20% less.) Some factors that come into play are the age of the assessment and the quality of the assessment work performed. Often, the assessor just takes last year's work and adds the local increase; e.g., 10%. Sometimes the property has significant improvements that are missed by the assessor, e.g., a new building on a previously undeveloped parcel, a new roof, switching from septic systems to sewer, etc. Appraisals tend to run higher than the actual market value for some of the same reasons plus additional facts; e.g., Home A, 2 bed, 1 bath, 20 years old - Home B, 2 bed, 1 bath, 5 years old; both might be assessed at $100,000, but which would you likely buy at that price? The bottom line is that there is only one true market value - the price agreed to by a willing buyer and a willing seller.

Answer 3

Where I live, the tax assessment is supposed to be equal the the market value on the assessment date. The best way to determine current market value is to have the property appraised. The next best is to have a real estate agent do a comparative market analysis.

Answer 4

in Michigan, property is assessed at approximately 1/2 of its
market value. therefore, in Michigan, approximately 92 $K