Assessed Value versus Market Value will change in every single market place, in every state and every region. The Assessed value is the amount the town or municipality needs to operate its local budget and so they assess each property, which includes the structure(s) to determine valuation. Since this is done periodically there is always much discussion about the process when the new bills come out. Newton, MA just received it's new 2015 property valuation. In most cases the taxes went up. This is a direct result in the fact the prices for these properties have gone up since the last valuation. By the way, you can always open a discussion about your appraisal. Keep in mind that the appraisal is a process that uses existing statistical data to determine value, there is very little room for design, beauty or feeling here. Each appraiser uses 17 methods to determine price. Should you wish to contest your valuation work with a professonal to help you state your case.
Typically the Market Value of a property is greater than the Assessed Value. When the Assessed Value of the property is greater than the Market Value there is pause to think. In most cases what is too good to be true is not, but in some cases it is. Now is the time. With the 2015 tax assessments out for all of Newton MA right now, there is going to be a shifting in the pricing structures of the houses currently on the market to make the adjustment. In many cases, and especially in a Buyers Market, now is the time to truly benefit from the opportunity present. Market Fluxuations create both pleasure and pain in equal measure. The most successful land on the right side of this equation as often as possible. With the new assessments and the prediction that the real estate single family housing market is going to have a rally here at the end of the year get ready for some great opportunity for buyers. Assessed Value versus Market Value is an interesting ratio to consider.
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