Curious About Your Home’s Value?
Homeowners are often surprised (to put it mildly) when they receive their annual statement from the local tax appraiser’s office. The assessed value of a home can be very different than what they believe the property is worth. Now’s a great time to take a look at the difference between two common real estate terms: “Assessed Value” and “Market Value.”
The Assessed Value is the dollar value assigned to a property by a public tax assessor for the purposes of measuring applicable taxes. The number is very often a point of contention with homeowners, who may believe it to be too high or too low. The Assessed Value does not offer a shortcut to a home’s Market Value, and – contrary to what some might think and in a way makes logical sense – the Assessed Value is not used to price a house when a seller wants to sell or when a buyer wants to buy.
The Market Value is the highest estimated price a property will bring in a reasonable amount of time if exposed for sale on the open market. Market Value is influenced by such factors as homes that recently sold in the area, the location of the property, the home’s amenities and updates, and the condition of the property. And of course, Market Value is also influenced by the sometimes ugly e-word – the economy. 😉
Knowing generally what your home’s Assessed Value should be is important, because 1) that value is what determines your property tax amount, and 2) as citizen you have the right to protest the Assessed Value in order to (ideally) decrease the taxes you are required to pay. And heads up…if you wish to protest your property tax assessment you must do so by May 15, 2018, or 30 days after a tax notice is delivered, whichever is later. Do you think your Assessed Value is too high? You can find out in two easy steps…first click HERE to subscribe to this fabulous blog (full of great real estate info – just scroll down on right side of screen to “Follow Blog via Email”, then click here to request a Property Tax Evaluation from me! I’ll send it within 48 hours or it’s FREE…just kidding, it’s free anyway, but seriously, I’ll get it to you in two days of you making the request. I’m happy to do this for you because I always want to be your FIRST and BEST choice for real estate info, whether you or someone you know is wanting to buy, sell, or needs something house-related. 🙂
Also, check out one of my dreamy listings in Dallas!