Tax Appraisal Districts

Tax assessment is a process used by local governments to exact property tax rates on residents. Each local government determines home values by periodically reassessing homes in a given locale. As a result, tax assessments can offer buyers and sellers a general idea of a home's value.

If you have questions or concerns regarding whether your local tax assessment office is keeping up with the specific area in which you live, give us a call and ask about local appreciation values on recently listed or sold homes, to determine if tax assessment values are up-to-date.

Generally speaking, home sellers should concentrate on appraised value. This is because mortgage lenders traditionally writes loans based on a home's appraised value. In other words, it's a good indicator of the amount a buyer will be able to finance through a mortgage lender to buy a specific home. 

When appraising a property's value, location is the prime factor. Appraisers look at homes that have recently sold in the same neighborhood (if possible) to determine what similar properties have sold for. In rural areas, or neighborhoods where sales have been slow, an appraiser may expand their focus area to include similar homes for comparison. Given market factors change over time, home value inflation and other extenuating circumstances will be factored in by the appraiser to determine the appraised value.