Why is a home assessment usually lower than a home appraisal?
When looking at property records, it seems that most houses have a much lower assessed value than what the home actually appraised and sold for. Why is this? For instance: A home is appraised for $100,000, yet the county's assessment of the property is only $69,000.
Asked By: Yuna - 1/4/2007
Best Answer - Chosen by Asker
Assessed values have several plusses but are never actual market value. Heres why, the market value changes as the market does. The assessor isnt looking for a house to buy and doesnt go inside the home. based on the time of construction and size of the home, and the typical lot value an assessment is not going to... More
Answered By: Kevin H - 1/4/2007
Additional Answers (2)
While there is no relationship between the two, it seems it would simpler if there were... More
Answered By: united9198 - 1/4/2007
An appraiser physically goes out and inspects the property as well as analyzing recent sales comps,market value,etc. The county tax assessor does not.
Answered By: staceydian - 1/4/2007
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