Does property tax valuation afffect market value of a property?
Most people think that by lowering the taxation value of a property you are lowering the market value of a property.
Market value is defined as the price a seller of real property can expect from a buyer in a fair and open negotiation. Typically, the market value of a home or other real property, is determined by professional appraisers or real estate agents, based on a variety of criteria, such as size, condition, recent sales and market trends. Market value can fluctuate from what an appraiser or real estate agent may deem a fair market value for your property but in the end it is what the current buying population is will to pay for it.
Many times tax value and market value do not reflect the same value, fluctuating between market value being higher and/or tax valuation being higher. This happens due to the fact that market values change and property tax valuation are typically on a triennial re-evaluation schedule, in Toledo, Lucas County, Ohio. Why would anyone pay higher property taxes than is necessary, if it doesn't affect what the buying public is willing to pay, if anything it may enhance a property's sale-ability having lower taxes.
Consider this example...similar houses on the same street both listed at $100,000, one with a tax valuation of $90,000 and lower taxes and one with a tax valuation of $112,000 with higher taxes, which one are YOU going to buy? The houses are both worth $100,000 in the market. The higher tax valuation does not make the property worth more as the market (buyers) have determined by recent sales of like properties.
The deadline for disputing your property tax valuation is March 31, 2010 in Lucas County Ohio The necessary form is available at the Lucas County Auditor's web site. It is an easy to understand format. This form must be received in the Lucas County Auditor's office by 4 p.m. on March 31, 2010, postmarks are not accepted so it would be wise to hand deliver it to One Government Center, Toledo, Ohio.
Not all areas may be on the same tax valuation schedule. Your local real estate professional is a wealth of information for not only buying and selling real estate. He/she has information on all things real estate, including resources for quality ancillarys (inspectors, contractors, roofers, lenders, etc.) Call them today for details in your area.
If you are interested in a free market analysis of your Toledo, Ohio property's current market value, please feel free to contact me. A review period will be available again later in the year should you miss the March 31, 2010 deadline.
Connie Johns is a Realtor in Toledo, Ohio. Selling real estate in the greater Toledo area and surrounding suburbs of Maumee, Perrysburg, Holland, Sylvania, Rossford, Northwood and Oregon.
Dedicated to educating my clients to make informed, sound decisions. Diligent, professional & enthusiastic. Delivering incomparable service. You deserve the best representation. My aim...to provide it
This blog was originally posted at www.conniejohns.com
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