Tax Assessors Value Vs Appraised Value

Yesterday I posted a blog entry on ActiveRain about potential buyers "Sitting on the Fence" that brought out some very insightful views and opinions. One in particular, by Paul Walker, really got me thinking about the Tax Assessors Value Vs the Appraised Value of a home.

The appraised value is normally used to determine the home value before the property is sold and is conducted by a certified appraiser who is not associated with the either the buyer or seller. The assessed value is used to determine the tax basis of a property. Properties are assessed when purchased, usually reassessed when sold, and yearly in most states.

In the last year I have sold several homes for less than the tax assessed value, and have seen it done repeatedly by others in my area too. Our county could not raise tax assessment values, because market values did not go up, instead they increased the Millage Rate (used to calculate property tax liability) to bring in more revenue.

Should agents recommend to upside down sellers to challenge the tax assessment value when market values have gone down?

Is this a trend in your market?

Anita Clark Realtor LLC
Your Warner Robins Realtor®
(478) 953-8595 (O)
(478) 960-8055 (C)
Email: Your Warner Robins Realtor
Web: Homes for Sale in Warner Robins GA
Blog: Warner Robins Realtor Blog

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