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Monday, June 27, 2011
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22 comments:
Should tax assessment play any role in determining what price a home should be valued?
Are there 2011 assesments?
If there are many houses in a neighborhood with 3 bedrooms and no basements, and there is one house with 4 bedrooms and a basement would the tax assesment be the same?
Alternatively, would the 4 bedroom with basement be worth less due to being the largest home in the neighborhood? How does that play out in real life?
Wunderbar-
2011 tax assessments are available. As for your other questions it depends on which county you are talking about. Fairfax are okay at telling relative values between houses, but are not great. Tax assessments in most of the other areas are just terrible. Although even in FX county it seems like most houses I see sell for more than the tax assessment.
The house with 4 bedrooms and a basement would definitely be worth more. I think it is only an issue if your house is dramatically bigger than neighboring homes (e.g. most houses are 1,500 sq.ft. and yours is 5,000 sq.ft)
How come the TA in the listings on Frankly mostly are using 2010 tax assesments? Is there a reasoning behind that?
I am talking about Spotsylvania County/Fredericksburg/that area. So I should not be looking at tax assesment in determing house worth?
I know a little bit about that area. Prices are still depressed. Where are you looking? That region is still suffering. Tax assessments may be high. There are deals to be had.
wunderbar-
I don't know that area very well so I am sure VA_I is better informed. I assume that you could look at the county website if you want the 2011 numbers, but they probably are only useful in telling you a price within ~20%. So really the best information is using frankly/redfin to look at the recent comps
sehrwunderbar said...
How come the TA in the listings on Frankly mostly are using 2010 tax assesments? Is there a reasoning behind that?
The tax assesment value on the listing will be the one available at the time it was added to the MLS. They don't update them when new tax assessments come out.
Yes, best to listen to Jeremy or Kevin. I'd bet they know lots about F-burg area.
I don't know what that comment is all about VA_Investor.. I just answered sehrwunderbar's question about the assessed value on the Frankly listing and why it shows the old 2010 number. Kevin isn't even in this thread.
Grumpy today?
Although I did live in Partlow, VA (southwest of Fredericksburg) for a while growing up, and my sister lived in Fredericksburg for two years before buying a place down 95 in Ruther Glen last year. Can't help with the housing market, but I do know some good fishing spots on Lake Anna.
Hey Folks
For What It's Worth, I just
put down a full price offer
on a place that's a investment property for me in DC.
It's a fixer, but, it should generate a cap rate of 9.
Yields are spectacular.
Now let's hope I don't get in a bidding war with some crazy motherfucker.
Reason why I was asking about Frankly showing the 2010 assesment is because even new listings have it. I haven't seen any 2011 assesments.
wunderbar-
I think it is based on what the Realtors show. Even if there is a new tax assessment before the house comes on the market the agent sometimes uses the old one. I don't really know why, but then again there are lots of things about agents I don't really understand
That's all right. I didn't know if that meant 2011 assesments were down even more or something. Some sort of strategic move.
Tax info is an automatically populated when you enter a new listing. If the MRIS has not been updated for new tax info, the old info will populate thefield.
"Pat said...
Now let's hope I don't get in a bidding war with some crazy motherfucker."
That wont happen -- no way, no how.
Remember how you told us that NO ONE should EVER enter into a bidding war -- something about no one (apparently not even you) having the capacity to control oneself, and you end up overbidding. Remember?
Of course, several people here (myself included) thought of several situations where for SOME people SOME of the time, a bidding war may yeild a good deal. Still you never changed your view, lashing out at those who questioned you and in my case, something about my "cow of a wife". Remember that? Want a reminder?
In all seriousness, good luck. Just dont be a hypocrite and enter into a bidding war, even if it means you pay less than you would be willing to. Remember, follow your own rules and immediately walk away if there is a bidding war since no one...including you, has the capacity to control oneself.
Sehr,
260 active under 600K in that zip. Wow! There are still alot of good buys down there. I'd go for the reo's. Call the assessor if listing doesn't have current tax info. Best to check comps for updated info. I follow Stafford South and King George. I looked at a couple at Lake Anna and Hidden Lake. Just missed a steal at Hidden Lake. The market is still very soft down that way
Anon,
A deal is a deal is a deal. I hate bidding wars but have been in them for the past couple years.
It's not late 2008 anymore, which I'm sure you are aware of. Others have to come to their own decisions. I'm way up on my stuff. In fact, as far as I see it, there are few deals left.
Yes, best to listen to Jeremy or Kevin. I'd bet they know lots about F-burg area.
WTF?
Sehr,
Not all reo's are in bad condition just as not all regular sales are in good condition. As long as you have a thorough inspection, and maybe a contractor to give estimates, I don't see a reason to back off of them. Is your agent experienced with distress sales?
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