Tax Assessment vs Market Value | Why is the Tax Assessed Value Different than the Sales Price?

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Matt Leighton

Matt Leighton

Күн бұрын

Пікірлер: 35
@TheMattLeighton
@TheMattLeighton 6 жыл бұрын
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@HammadKhanYT
@HammadKhanYT 2 жыл бұрын
In my area, asking price is 260k and tax assessment is only 34k, I am not sure why is that?
@brettjohnson8389
@brettjohnson8389 4 ай бұрын
Im curious as ive noticed in anchorage alaska tax assessment to asking price 4 yrs after covid is still scewed something like 50%. I just saw a home for 550k with an assessment of 360k
@pattysherwood7091
@pattysherwood7091 4 жыл бұрын
My tax assessment (in Somersworth NH) went from $94,000. (after a walk through assessment by a tax official about 4 years ago) to $166,000. based on comparable houses recently sold in my city in the fall of 2019. I can't imagine those houses had a fifty year old furnace, a corroding water heater, a disgusting old bathroom, and a shabby kitchen with broken asphalt tiles on the floor. I would think the sales price of a home reflects the value of the work done to improve the property in order to get a better price. My house has not had improvements and needs a lot of work. I am a disabled old lady. I am on SSI. I can't afford these higher taxes. You mentioned that future assessments would be based on the previous ones. Well, I thank you for helping me understand a little more about this misery.
@TheMattLeighton
@TheMattLeighton 4 жыл бұрын
So sorry to hear that Patty. Do you feel like the assessment on your home is incorrect? You may be able to contact your local assessors office and have them come out to your property to view it in-person. Or, you could find recent comparable sales that support a lower tax assessment than what you're currently at. That's certainly a significant raise in taxes. Best of luck to you
@RobMcDougall
@RobMcDougall 4 жыл бұрын
Also being from NH I assure you that there are plenty of disgusting old bathrooms and shabby kitchens elsewhere in Somersworth. ;)
@pattysherwood7091
@pattysherwood7091 4 жыл бұрын
RobMcDougall thank you for your comforting words. You made me laugh. It is the middle of the night and I am studying the Bible....I happened to look at my phone. Now I am going back to the glorious gospel. Have a nice day. Come visit me anytime. (I have started calling my city Sodomsworth because of our proud mayor and others who advertise our city as a tolerant rainbow city. Good grief!)
@vihangnair
@vihangnair 2 жыл бұрын
Pretty solid green screen lol. Great info Matt, love the channel
@TheMattLeighton
@TheMattLeighton 2 жыл бұрын
This one actually didn’t have a green screen haha. It was very noisy and very sunny that day! I appreciate you watching!
@Rita-23
@Rita-23 3 жыл бұрын
Thank you. I had always understood there would be a difference (the reasons you outlined) but didn't expect a $1M difference in 4 homes I saw online. (Asking price $1M+ more than assessments).
@monicarenee7949
@monicarenee7949 3 жыл бұрын
This is the first video that actually answers the question I have. Thanks! I’m trying to buy a new house but if the purchase price is the basis of the taxes, I fear taxes will be too high. Since it’s based on assessed value, seems a bit more manageable.
@corbin8930
@corbin8930 5 жыл бұрын
Is it possible for fraud within the assessment? I know of a piece of commercial riverfront property that is worth millions that is only assessed at 1000. Our city is potentially missing out on hundreds of thousands of dollars.
@TheMattLeighton
@TheMattLeighton 5 жыл бұрын
Potentially, yes. Could just be a mistake as well.
@corbin8930
@corbin8930 5 жыл бұрын
Appreciate the reply Matt, the owner of the property was actually taken to court a few decades ago by their relatives for using deceiving appraisal methods. So I have good reason to suspect fowl play in this instance! law.justia.com/cases/south-carolina/court-of-appeals/1984/282-s-c-61-2.html
@carlosuchuya6036
@carlosuchuya6036 4 жыл бұрын
Thank you, Great explanation!
@diamond6256
@diamond6256 2 жыл бұрын
The appeal board told me this year (2022) that they only due Market Value, not the assessed value, which is BS. They did not consider estimates, drainage issues, window issues and sprinkler systems issues. They said it does not have much value. Well, it does if you are selling, which I am not. I did get $20k off Market value which means nothing to me AND increased the Improvement value $15k. I asked them why didn't Over 65 increased since everything else did, they could not answer. The comps they provided was not comparable to my home and had bigger sq footage, more bdrm and baths. They told me since my house was 1983, they wanted pictures of 1983 kitchen and baths with avocado deco and such, never been updated. REALLY? IT IS RIGGED! Assessed value stayed the same. The purpose of Protesting Property Tax is to get a reduction, I don’t see where they did that.
@diamond6256
@diamond6256 3 жыл бұрын
Why is property tax based on market value instead of purchase price? That means I am paying tax on $100k of thin air. For seniors this is not good. ($152k to $245k) I appealed to no avail. My house is paid off and I will have to sell my property because I cannot afford the property tax living on social security. SO what does this mean? I am renting my paid for own that I paid for 30 years from the city FOREVER.
@8beatking
@8beatking 4 жыл бұрын
So are you paying the tax assessment every year or the property tax?
@rcruz401
@rcruz401 3 жыл бұрын
GREAT CONTENT! I just renovated 2 units with Granite Countertops and stainless steel appliances. Is it beneficial for me to include for my assessment which is coming up now?? I'm in process to also try and do a Cash-out-refi
@scottschmittmusic
@scottschmittmusic 3 ай бұрын
Why would an assessment be $15k and house price be $350k ?
@Floof_Factory
@Floof_Factory 4 жыл бұрын
I see a property thats 10k but the assessed tax value is 75k. I wanna lower that before I buy it
@johnfukuda6023
@johnfukuda6023 4 жыл бұрын
Hey Matt great content here! I’m interested in buying vacant lots which I can find the accessed value pretty easily, but comps for market value almost impossible. Because it’s vacant land will the accessed tax value be close to market value in your opinion? Thanks in advance!
@theveed8220
@theveed8220 2 жыл бұрын
Dude that’s what I’m going thru! What did you end up doing?
@suddenlyitcame1829
@suddenlyitcame1829 2 жыл бұрын
Thanks!
@1980sFreak
@1980sFreak 6 жыл бұрын
This video kicks ass!
@TheMattLeighton
@TheMattLeighton 6 жыл бұрын
Thank you!
@tenzackyogi1742
@tenzackyogi1742 4 жыл бұрын
So tax assessment means like kbb car value. It doesn't reflect in reality.
@DevonWayne
@DevonWayne 6 жыл бұрын
Giant question I've had while scouting properties and seeing back ends
@irmageller
@irmageller 3 жыл бұрын
Thank you very much! I appreciate your time. O hope i did understand. 🥴🤔😀😬😂
@TheMattLeighton
@TheMattLeighton 3 жыл бұрын
Thanks for watching!
@mack7276
@mack7276 3 ай бұрын
Assessed values is just a bulls... calc the cities use to fund the cities. Alot of the liberal cities just try to tax as much as they can until people just leave.
@matbsaccounting1056
@matbsaccounting1056 5 жыл бұрын
Hi Matt Leighton, please join us at real estate division UBC.... Canada .... Kiir Awal Koroyom
@InfinityAwaits
@InfinityAwaits 2 жыл бұрын
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