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Does the Town assessed value mean anything

 
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wherzmyhome
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PostPosted: Fri Apr 29, 2011 7:47 pm GMT    Post subject: Does the Town assessed value mean anything Reply with quote

Just wondering if the town assessed value means anything. There is a 60s built house that is priced 60k over the town assessed value. Granted they've added a new roof and windows, but does that warrant such a huge jump in value? We like the location and are kind of getting frustrated with our home search........has been ongoing for 4 years now. Price is still affordable and so we are in two minds....stick with what we think its worth or take the bait. Sad(
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Kaidran



Joined: 17 Mar 2010
Posts: 289

PostPosted: Mon May 02, 2011 11:48 am GMT    Post subject: Reply with quote

In short no, the assessed value is not a good guide to the value of the house. There is typically a trend for towns or areas of towns that will set the price close to the assessed price +/-X%. The problem is the X% varies a lot between towns and so unless you spend a long time gathering data on your specific location you will not be sure. The state of the house and the last time it was checked also makes a difference and can confound data gathering from Zillow or Redfin. The town website usually has links to records on houses and when they were last reviewed and what was included.
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