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should you buy a house at tax assessed value or market value if house next to it is selling at tax a

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January 10 2011 - Cedar Hill
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Profile picture for the_country_hick
In some areas houses are selling at below tax assessments. Those are only done every few years. In other areas prices could be above tax assessments.

I would do a lot of research and only make an offer based on historical pricing that is at most inflation adjusted. Or you can have an agent do a CMA and make an offer based on that.

What you offer and what you base that offer on is totally and completely up to you.
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January 10 2011
Market Value or under as assessments are readjusted depending on town etc. every other year or so. Market value changes every several months in todays marketplace.
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January 11 2011
Real Estate 101 says you should always pay market value at most.  If you can buy for less than market value then so much the better for you.

Remember this, appraisal taxable value does not alwyas equal market value.  Sometimes appraised value is higher or lower than a true market value.  Also, market value is defined as an arms length transaction for which a seller is willing to sell and a buyer is willing to buy at a certain price.  An tax appraisal does not take those two factors into account.

I suggest you continue to do your homework based on comparable sales in your neighborhood and figure out what to offer from that datapoint.  If the home next to you is selling for its appraised value AND its happens to also be the market value, then its a very good comparable sale for you to consider when making an offer in the neighborhood (look at Price/SF, SF of house, physical condition of improvements, how many bedrooms, bathrooms, garage spaces, etc.).

At the end of the day you can offer whatever price you feel like offering.

Good luck!
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January 11 2011
Dan is spot on about having a CMA done.  However, keep in mind that Cedar Hill, particularly Lake Ridge if that's where you're looking has experienced an unusual high number of foreclosures so the tax assessed valued have plummeted drastically.  Homes that were tax assessed at 600K in 2008 are now at 180-220K. 

Naima
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January 11 2011
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should you buy a house at tax assessed value or market value if house next to it is selling at tax assessed value
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January 10 2011
In TX, it's better to rely on comps not tax appraisal. If an owner has been successful at protesting their taxes, then the tax value will be below market value. And if they didn't know they could protest their taxes, then they could be paying a whole lot more than they have to. A lot of people confuse the two, but they are not the same. And remember that no one wants to give too much money to the county, so hopefully the seller has been able to keep the tax value down.
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January 10 2011
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Your question appears to be truncated.  Perhaps you could expand?   (Simply hit "answer this question" to add more words at this point
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January 10 2011
 
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