real estate appraised value?

Question

What should I do if my house's appraised value (determined by city) is about $60,000 less than the market value?

Answer 1

The city does not APPRAISE houses. They ASSESS a value for taxes. This is not the same thing. The assessed value is the number on which taxes are calculated.

Every jurisdiction has it's own rules and formula for calculating the assessed value. One common rule is that the assessed value only consider the land and PERMANENT improvements to the land. That means things like appliances and flower beds don't count, even though you would expect to be paid for these when you sold the house.

You want the assessed value to be as low as possible to keep your taxes low. If it's below what you think the house is worth, don't complain.

Answer 2

Nothing cause it will not really affect you at all. The city appraises homes at a certain value just so that they have a number for when they are sitting down trying to figure what the taxes should be. Appraisals are just a number, literally. If you ever decide to sell your home the only true thing that will matter is the market value because it is the fair amount that a ready, willing, and qualified buyer is willing to pay for your home.

Answer 3

Are you sure you "city" provided you with an appraised value? Traditionally, municipalities provide you with the assessed value and a "mil rate" that are less than the appraised value or the market value of your home. That is the number they use to calculate your taxes. If they use some sort of appraisal that is lower than the market value, don't do anything! It may cause a re-evaluation of your property and raise your taxes!!!!! Just something to consider.

Answer 4

Typically the cities/counties like to keep the assessed value under the current market value of properties, so that they do not have as many requests for re-evaluation. If I were you, I would not worry about it. As an appraiser, we usually know that the assessed value of a parcel is low, no always, but usually, so we dont look too closely to that number. Also, the county/city cannot come back next year and say, woops we miscalculated and you owe more taxes.

Answer 5

Nothing. Don't worry about it. When the city appraises your house they are doing it for the sole purpose of calculating the property taxes. My house is worth about $400K and the town appraised it at $86K. It's all in how your city and county assesses the tax rate.

Are you looking to move or refinance? If not the value shouldn't be much of a concern anyway. Your bed will be just as comfortable and your kitchen will turn out the same meals no matter what your house is worth.

Answer 6

Thats good, because if they appraise it at market value you taxes would go way up. Assessed value is always less than market value. Assessors offices assess at different levels like 65% of market value and each county has a mill rate. 1 mill is 1/1000 of a dollar. If the market value is $200,000 and the county is assessing at 65% and the mill rate is 20 mills then you take $200,000 - 35% = $130,000 now $130,000 x 20 = 2600000/1000 = $2600 per year in taxes or $216.66 per month.

Answer 7

time table A is for inner maximum tax, no longer employer tax. And low value fees from deductions basically practice to earnings tax, to no longer self employment tax. the quantity of low value fees relies upon on your tax bracket. in case you're in a fifteen% bracket, your tax low value fees is 15% of the cost of the donation.