Expert: Jessica Bryan - 8/16/2009

Question
Heres some information on what my home was acessed at and what it was purchased for, If i got ripped off, is there something I could do about it?

You can copy and paste the link below to your broswer or just look at the pasted info further below it.

http://www.realtor.com/property-detail/8288-Sonoma-View-Ct_Las-Vegas_NV_89139_0c...

Property Features  Financial History  
Single Family Residence
Year Built: 2007
4 Bedrooms
4.50 Bathrooms
Approximately 4,049 Sq Ft
Lot size: 7,840.8 Sq Ft
Stories: 2
Rooms: 10
County: Clark
Heating type: Heating & Cooling
Heating detail: Forced Air
Roof type: Tile
Parking: Attached Garage
Source: Public Records  Last sold for $480,000 on 10/10/2008
Last assessed at $87,500 on 2008

Previous sales
$480,000 on 10/10/2008

Previous assessments
$87,500 on 2008
$87,500 on 2007
$78,750 on 2006
Source: Public Records  

Answer
Hello Richie;
Clearly there was a low assessment based upon a property that was unimproved.  I have no idea what your home looks like or what the going market prices are in your specific neighborhood other than looking at current listings.  However, if you purchased this home and got a loan, the appraiser would have given a fair appraisal at the time of your purchase.  If the values have dropped since then (which is very likely in your area) it doesn't mean that you got "ripped off" it simply reflects the ever-changing market.  The tax value has very little to do with market value and if the appraisal was based on the land only this could be a reason for the low value.  As a rule of thumb, one can easily say that the cost to build a home is over $125 per square foot no matter what the home is like.  If you were to build the home today you would pay well over $500,000!

~Jessica Bryan