“Assessed Value”…does it have any value?

Does what your local jurisdiction thinks of your properties value have any relevance to buying or selling a home?  The short answer: No.  Remember that real estate assessments are a funding tool and not really much more and one of two components that make up your tax bill (the other being the tax rate).  Yes the county does do an assessment based upon a number of relevant data points, but they don’t go in properties and it’s no substitute for the professional analysis home buyers and sellers do in conjuncture with a top notch agent.  As this article notes in most jurisdictions the assessed value’s run 80%-90% of market values.  A low assessment as a homeowner just means your tax bill is lower, and the inverse is true.  When it comes time to sell a high assessment could be used strategically by marketing to the less informed that your price is not much above your assessment.  If you are thinking of buying or selling reach out to me to discuss what your home or one you have your eye on is really worth!