There are records that exist in the local government that keeps track of important things like what your home's tax value is. This is so the taxman can collect his due from you every year. Also included are numbers for square footage, lot lines, how much your mortgage was that you took on to buy the home and other pertinent gems. I also like to use this information when I value homes. So, WHY ARE THEY WRONG?
They are I tell you. The square footage can be wrong, the unfinished basement really is finished, the tax appraisal is way to high or too low as compared to the neighbors homes. All this drives me crazy when I am trying to accurately value a home for sale.
Yesterday, all my valuation models tanked on a $675,000 home I was valuing. 2 out of 3 models showed this home to be in the mid $400,000 range. Wrong. Tax records showed an unfinished basement.
Last month I worked on a home valuation where the local count had completely over valued the home by 20%. When I brought this to the attention of the homeowner, she commented that her husband had unsuccessfully fought that battle a few years ago.
I believe that valuing a home for sale is one of the hardest jobs we as agents do for our clients. The counties are not making it any easier with incorrect tax records. When I become king I will get this fixed!