I bought a house, and now county appraised it at 10,000 lower than what I paid for it. Did I just lose $10,000?
2007-10-02 12:40:12 · 11 answers · asked by PinkWhite123 2 in Business & Finance ➔ Renting & Real Estate
You don't lose money until you sell it. There is no absolute value for any piece of real estate. Opinions vary, even among professionals. However, you are going to pay a bit less in property tax and that's something to be happy about.
2007-10-02 12:44:53 · answer #1 · answered by artwhiterealtor 3 · 0⤊ 0⤋
No, you CANNOT go by what the county assessor says your house is worth.
The appraise it lower then the true value so people don't freak out and protest the tax amount.
Everyone thinks they are getting a great deal if the tax man is not charging them real estate taxes on less value assessment.
This keeps people from jamming the county assessors office with tax protests because they valued your property too high.
Hope this helps.
Terry S.
http://www.Welcome2Arizona.com
2007-10-02 16:08:35 · answer #2 · answered by Terry S 5 · 0⤊ 0⤋
No, the tax assessment is historically much lower than the actual value of the property. The county assessment is used to establish how much you pay for property taxes which benefits you at a lower value.
2007-10-02 15:31:03 · answer #3 · answered by yourmtgbanker 5 · 0⤊ 0⤋
Tax value has nothing to do with appraised value. The tax value determines how much you pay in taxes each year and that is all. The appraised value is what your home is actually worth.
2007-10-03 01:37:19 · answer #4 · answered by brandyrhi 2 · 0⤊ 0⤋
There is no correlation between market price and tax assessment. They are looked at differently. It does not mean that your house would have to be sold at a lower price.
2007-10-02 12:47:27 · answer #5 · answered by Angie 6 · 0⤊ 0⤋
You WANT the county to appraise it lower as that is the basis for your taxes.... lower appraisal, lower taxes.
2007-10-02 14:42:44 · answer #6 · answered by Carly Jacks 6 · 0⤊ 0⤋
Do Not be confusing apples and oranges ,
The county is NOT buying your house ,
How could you lose $$$ ?
Would you like them to come back and raise it so you can pay MORE taxes ?
>
2007-10-02 12:45:13 · answer #7 · answered by kate 7 · 0⤊ 0⤋
Assesed Tax value has nothing to do with market value. On average the homes here are selling well over assesed value. No worries.
2007-10-02 12:57:31 · answer #8 · answered by melissaw219 3 · 0⤊ 0⤋
Are you sure that you didn't get an exemption? The Los Angeles Co Assessor's office gives one and it reduces property taxes slightly.
2007-10-02 12:53:29 · answer #9 · answered by Anonymous · 0⤊ 0⤋
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2016-12-14 06:01:07 · answer #10 · answered by ? 4 · 0⤊ 0⤋