Profile picture for user7124044

Tax value 50k; appraised value 120k?

Looking to buy a 850 square foot home on 12 acres (75% wooded) and want to know if the appraisal given is too high if the tax value on our county website says it is worth $50,000 for taxes. Thanks.
  • December 17 2013 - US
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Answers (8)

Profile picture for hpvanc
Different states and possibly different counties with in states often use a fraction of FMV value for tax value. Illinois (with the exception of Cook County), for instance uses 1/3 of FMV for the taxable value. If that were the case your appraisal would indicate the tax value should be $40K and the current owner should have appealed their tax valuation to reduce their taxes.
  • December 18 2013
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Profile picture for JustinLeffew
You could always go to the county tax assessor and try have him or her raise the value by showing them the appraisal. Just kidding, don't do that. When buying, use the appraised value. You are incredibly lucky if your tax assessed value is less than half of the value of the home.
  • December 18 2013
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Profile picture for imabrit
Here in Cape Coral FL,houses are taxed at 90% of the purchase price once bought however when a home is Homesteaded the maximum it can go up a year based on taxable value is 3%.What that means if I bought a house 5 years ago at 100k it was taxed at 90% of that,our market has probably increased 50% since then which means it would sell today for 150k but the taxable value would still reflect the lower value plus a 3% rise  based on what you have read here the taxable value does not relate to the sale price at all.

  • December 18 2013
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County tax records are often not related to the actual current market value.  It depends on when the county last re-appraised and what methods the use to value the property.  An actual appraisal should be much more accurate.  Are you using an agent to purchase the property?  If so they could also help you determine a value range for the property.  Finally your could always get another appraiser to give you a second opinion.
  • December 18 2013
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Profile picture for wetdawgs
Tax assessors use different rules than appraisers who are determining market value.   If you are thinking of purchasing, use the appraiser's value.
  • December 17 2013
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Values are many times un-related due to assessment tax rules. 
  • December 17 2013
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Profile picture for user7124044
It is 15 years old, no I haven't seen the appraisal details yet.
  • December 17 2013
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They have little to do with each other. If you're lucky the tax value will stay 50K after you buy it. You could call them and ask them to raise it, if it offends you. Is the house fairly new? This could mean the tax value only includes the land. I wouldn't worry about it. Have you reviewed the appraisal carefully?
  • December 17 2013
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