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Answers (11)
I'm not advocating for the accuracy of the Zestimate, but I definitely wouldn't advocate for the accuracy of your local tax assessor either! This figure could be way out of line, but if it isn't, maybe you should look into getting your tax assessment appealed.
- Paul Weisz, "Paul Weisz"
- Contributions:21
Surprised? Don't be. Though Zillow can be helpful for getting a rough idea as to a property's value it is never as accurate as a CMA from a local knowledgable Realtor. I have seen Zestimates off by as much as 30-35% though in most cases not much more than 10% either way. Your best bet for obtaining fair marketable value is to examine similar properties that have sold in the past few months.
- Geordy Rostad, "geordy"
- Contributions:991
I have to agree with Rob Graham. If you aren't planning to sell or refi anytime soon, I wouldn't worry about it in the least. Outside of the real estate industry, I'm always surprised with how many people have not even heard of Zillow.
- Vince Curtis, "SoCal Appraiser"
- Contributions:4699
If that is the case I would look into lowering your property taxes. It is not that uncommon.
- Stephanie McCarty, "snellvilleagent"
- Contributions:521
Even in the best of neighborhoods - meaning those that consistently have homes selling quickly and for top dollar, it is not uncommon right now to find market value below tax assessor appraised value. Very common.
- Robert Merhaut, "Robert Merhaut"
- Contributions:348
Dear qanne12;
Zillow doesn't base its values from an "on the scene" valuation, either from a real estate broker or an appraiser. Sometimes the values are way off, either too high or too low. If your neighborhood has a reputation of receiving higher sales prices than your Tax Assessed value, then you are probably correct that your values are too low. There are a multitude of factors, however, that determine a home's proper value. Zillow uses local stats to zestimate. Sometimes stats don't tell the whole story!
Good Luck,
Rob
Zillow doesn't base its values from an "on the scene" valuation, either from a real estate broker or an appraiser. Sometimes the values are way off, either too high or too low. If your neighborhood has a reputation of receiving higher sales prices than your Tax Assessed value, then you are probably correct that your values are too low. There are a multitude of factors, however, that determine a home's proper value. Zillow uses local stats to zestimate. Sometimes stats don't tell the whole story!
Good Luck,
Rob
- Christy Lundby Hill, "LundbyTeam"
- Contributions:1
Tax Assessed Values are typically 1 1/2 years behind in values. So - if you just got your tax assessed value for 2011 and think it is too high for your area & your home - remember, that is the value they estimated 1 1/2 years ago. They are always going to be behind.
To get a true value of your home - have an Expereinced Realtor give you a value. Also - make sure that this Realtor gives you an honest valuation. Some Realtors who find out that the seller owes $170,000 and it really can sell for $140,000 are afraid to tell the sellers the truth. They may tellyou what you want to hear - not what you NEED to hear. That does no one any good!
Find an agent who is not afraid to tell you the truth if you need to sell!
- Rob Graham, "Rob Graham"
- Contributions:171
Tax assessments and Zillow Zestimates can be way off. A formal appraisal or a CMA from an agent will get you closer. If you don't intend to sell however I would ignore both and not worry about it.
- Robert J Murray, "robertm89660979"
- Contributions:9
Zillow uses its own computer modeling to suggest value and the county uses something different. Neither have been inside your home and neither are likely to be sufficiently accurate to set a sale price, so, If you really would like a more accurate idea of value in today's market, you may hire a licensed appraiser or ask a couple of experienced, local brokers to provide you with a Market Appraisal. If believe you are being over-assessed by the tax assessor then you may appeal to the King County Board of Equalization. I am currently in this process for one of my properties and would be happy to provide details.
- Geordy Rostad, "geordy"
- Contributions:991
Tax valuations are typically based on sales from two years prior. If a property was considered to be worth more two years ago than it is today, Zillow could be trying to factor that into their model.
- Robert J Murray, "robertm89660979"
- Contributions:9
Zillow uses its own computer modeling to suggest value and the county uses something different. Neither have been inside your home, so, If you really would like a more accurate idea of actual market value in today's market, you may hire a licensed appraiser or ask a couple of experienced, local brokers to provide you with a Market Appraisal. If your are being over-assessed by the tax assessor then you may appeal to the King County Board of Equalization. I am currently in this process for one of my properties and would be happy to provide details.
Why are you valuing home LESS than the tax assessed values?
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