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Why didn't my assessed value go down?

By
Real Estate Agent with CBSHOME Real Estate

"Why didn't my assessed value go down this past year?"  Many people may be asking this question in the Omaha area this June.  There was an article in the Sunday World-Herald this week about home valuations.  Here is the link for the entire article: http://budurl.com/HomeValuation

Assessed values of homes is a topic that often comes up when working with buyers and sellers.  The question I get most often is "Why is the list price for the home so much higher than the assessed value?"  The answer I provide is not a easy one.  The assessed value of the home is not the same as market value. 

In a perfect situation the assessed value is should be 92 to 100 percent of market value.  The county does the best they can with assigning assessed values to each home but it is a daunting task and it is not perfect.

The article in the Sunday World-Herald states that home valuations may not drop as much as homeowners are expecting.  During the month of June you can protest your valuation to your county board. If you believe your assessed value is too high, contact me.  I will be happy to provide you with information you can take to your county board.