What About My Assessed Value?

I run into this question a lot - what about the assessed value?

Buyers ask why the property is not priced below the assessed value? The assumption is the list price should be lower than the assessment.

Sellers ask why the list or market price recommended is different from the assessed value? After all, taxes were paid based on this value. Shouldn't that be a strong indicator of how much the house is worth?

The assessed value is derived from a computer program that takes into account many factors, but the computer can't see the railroad tracks that run alongside the house. It can't see the new bathrooms and kitchen the owner installed. Often the features are incorrect because the assessor has never been in the house.

Look at the assessment as one barometer of value. It may be low, it may be high, or it may be spot-on. The only way to be sure of market value is to work with a realtor who has been inside the current, pending, and sold listings.

A picture on the internet leaves out a 1,000 words you might say if you saw it in person!