Profile picture for ssnrnyn

How do home values usually relate to county assessors values?

Interested in Salt Lake City, Utah.

I sold a home in Alaska and the appraisal was close to Borough Appraisers value, but asking prices in Utah look to be 25-30% higher, 
  • June 29 - Wasatch Hollow
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Answers (6)

Profile picture for Michael.Egan
Nope.  Buyers go into every home they buy most of the time.  The assessors do not.  They basis their numbers on old data.  They may drive by the property every ten years or so but don't go into the property.  They may look a permits pull in the past but unlikey.  If you purchase a home with a low tax value consider yourself lucky :)
  • July 25
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Profile picture for Dan Tabit
ssnrnyn, 
A relationship between "most assessed values and most sold values" can be seen in many areas, but the information is not consistent or reliable enough to base any serious decisions on.  Individual homes may have improvements or additions that are not reflected in the assessed valuations. They may have serious deficiencies in deferred maintenance and condition that are not reflected in the assessed valuation.  
Like a Zestimate, it's a place to start if you see a common range between the two but the actual value of a specific home depends on many details that need to be considered beyond either number.  
  • June 30
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Fair market values and county assessor's values can differ across city, county and state lines. For instance, Fairfax County in Virginia currently is .93 
 
$441,500 Assessment 1/1/2014, sale date 1/6/2013, sales price $472,872= .934
$459,900 assessment 1/1/2014, sale date 3/1/2013, sales price $490,659 =.937

For Salt Lake City, Utah the assessor's rate is at 100%.  
 
Call me if you need a great Realtor for that area!
 
  • June 30
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Home values are almost higher than county assessors' values. The assessor does not want a long line of property owners outside the appeals window.
  • June 29
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Profile picture for nwhome.us
The broad stroke answer is that each municipality calculates tax value differently because in the end the total tax collected is meant to cover their annual budget.  So it depends on the what their budget is (budget/tax base units = individual property tax).  Therefore the taxable value has nothing to do with the market value or market price (two different numbers). 

The market value is established by recent closed sales and interpolation of the characteristics of comparable properties. This is the number that an appraiser will calculate for you or your lender.

The market price is determined by the compromise that a willing seller and a willing buyer reach in an arms length transaction.  It is the price that you agree to pay for the property and has nothing ting to do with either the tax value or the market value.  It is an emotional reaction to How Much Do You Want the Home?
  • June 29
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Assessor values are not comparable, they can be higher or lower quite often. The true way of knowing the value of a home is to have an agent pull comparables. That is the only good way to do it. 
  • June 29
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