I am looking to purchase a piece of investment property for rental purposes. It is just an average home, nothing special about it. It is priced about $15000 above market value. Any help appreciated.
2007-08-18 00:29:59 · 6 answers · asked by starrynight1 7 in Business & Finance ➔ Renting & Real Estate
NO THE TAX ASSESSMENT WILL NOT GIVE YOU A ACCURATE PICTURE OF MARKET VALUE. IF I WERE YOU I WOULD FIND THE BEST APPRAISER IN THE AREA AND PAY FOR THE REPORT.
2007-08-18 00:50:34 · answer #1 · answered by endgame1915 3 · 0⤊ 0⤋
Think about what the Tax Assessor has to do. In Dallas County, where I live, there are 550,000 properties that need assessments every year. The Tax folks do not have the time or resources to value each property using traditional, hands-on methods; therefore, the taxing jurisdictions rely on statistical analysis, mass appraisal techniques, recent transfers and other data to formulate their tax values. Sometimes they are right on; sometimes they are too high. I think the popular opinion is that they are usually below market. If they are too high too often, then that causes a wave of protests from the property owners. How do they know when thy are too high? When you protest with a current Appraisal performed by a Certified Appraiser.
The answer to your question is sometimes, but a current Appraisal is more reliable.
2007-08-21 17:26:51 · answer #2 · answered by Appraiser Guy 2 · 0⤊ 0⤋
No. Assessments are always behind the market. My town house is assessed at $86,000. The market value is $120,000.
If you found a property you want, hire a licensed real estate appraiser and have your own appraisal done.
2007-08-18 00:35:24 · answer #3 · answered by regerugged 7 · 0⤊ 0⤋
No, tax assessments are virtually useless in determining market value. You need at least a comparative market analysis or better yet, a formal appraisal.
2007-08-18 00:46:09 · answer #4 · answered by Bostonian In MO 7 · 0⤊ 0⤋
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2016-10-16 00:46:03 · answer #5 · answered by ? 4 · 0⤊ 0⤋
not at all most tax assesments are musch lower then acually value my tax assesed value is 79,000 purchase price 200k
you can lookup the aprox property value by requesting it
all you need is address and zip and it can be provided for you along with comperable sales witing the last 6 months
this is and online source you can try also
2007-08-18 00:45:25 · answer #6 · answered by beachlover 2 · 0⤊ 0⤋