Profile picture for user3523498

would you sell your home for the current assessed value?

I own 1/3 of a property in CT. I have been offered 1/3 price of the assessed value. Not being from CT i dont know what the market is like. I am curious to know what the actual market is doing in ct?
  • September 25 2012 - Lisbon
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Answers (9)

Profile picture for user3523498
Thank You. Thank You. Thank You. For all of your answers, I do appriciate your help. I did however come across new information... The 1/3 I was offered was NOT assessed value... it was the appraised value according to the assessors office.... so w/ that new information.. what are your thoughts?...
  • September 27 2012
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Profile picture for sunnyview
Assessed value and market value are two different things. If they are offering you 1/3 of the assessed value in CT, I would pass. Ask a local agent for a quick 45 day sale price of the property based on recent comps instead. Most will be happy to give you a snapshot CMA that will be more accurate than relying on an assessed value.
  • September 26 2012
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In my epxerience assessed value and actual values vary....I would suggest getting a professional opion on value thorugh a local land real estate professional.  Best of luck
  • September 26 2012
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Profile picture for Blue Nile
If you are asking if "I would", I absolutely would not sell at tax assessed value, as in my area, proposition-13 keeps the tax assessed value artificially low.  Actually, that is one good reason in my area to not sell at all.  People like to keep locked in low tax rates.
  • September 25 2012
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Profile picture for Bonnie And Melinda
In CT, the assessed value is supposed to represent 70% of the market value as estimated by the Town. The actual value of the property can be quite a bit greater or less than this depending on the location, condition, etc. We agree it would be a good idea to either have the property appraised, or obtain a Market Analysis by one or more Listing Agents in the area. Good luck.
  • September 25 2012
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Its fairly common in this market ..
  • September 25 2012
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I agree I would certainly connect with a couple of local agents who sell within your neighborhood, they will be able to give you an idea of the value of the property right now.  I would not go with the assesed value.  All the best.
  • September 25 2012
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Profile picture for Ofe Polack
I suggest that you contact a few listing agents in the area where the property is located and ask them to conduct a comparative market analysis CMA for you.  That will give you a better perspective as to the lisiting price of the property.  Good luck!
  • September 25 2012
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You should contact a couple agents in CT and ask them to do a market analysis of the property to find its value - in today's market. Assessments are for tax purposes and have no real connection to the actual value of a property.

Tim
  • September 25 2012
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