I have a estate that just got reassesed here in Philadelphia. I was wondering if the market value quoted by the tax people is close to actual value? How would I check?
2007-09-06 06:19:45 · 3 answers · asked by lana_sands 7 in Business & Finance ➔ Renting & Real Estate
Assessed value is generally based on a % of what is considered Fair Market Value. However, that perception of FMV is often based on information that is 12-24 months old, and often is quite inaccurate.
You would either need to check sales of comparable properties over the last 6-12 months (at least 3, and more toward 3-6 months than 6-12, ideally) or have it appraised.
If you just want to know for general purposes you can go to www.domania.com and they will give you a fairly rough valuation.
2007-09-06 06:38:31 · answer #1 · answered by rlloydevans 4 · 0⤊ 0⤋
It depends on the insurance you're dealing with. Some do retail and some do actual cash value. But they shouldn't be adding milage to determine the value, that's wrong. Keep in mind that an attorney could help you get the difference from the other party's insurance if allstate refuses to pay the correct amount.
2016-05-22 21:02:31 · answer #2 · answered by ? 3 · 0⤊ 0⤋
No your tax assement is based on a % of market value, some time lower, sometimes close and sometimes higher, it all depends on the county. You will need to have an appraisal done to know market value.
2007-09-06 06:29:44 · answer #3 · answered by Leo F 4 · 1⤊ 0⤋