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Buying or Selling a Home/Home assessment
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Question
Hi - I live in Iowa. I am wondering why a homeowner offers a home for sell less than it is assessed for. I am looking at a home that is listed at 92,000. More than I want to pay. When I look at the assessor's site it is assessed at 115,000. Why is that? In 2006 it was assessed at 106,000. So would taxes be on the 106,000 and not for whatever price I may pay?? Is it a good deal?? Thanks for any info!!
Hi Claudia,
Homes often sell for a little less or a little more than assessed value. Tax assessors offices are not experts of property valuation. They are experts at collecting taxes :)
To answer your question... yes, the taxes would be based off of the assessed value. If you go ahead and purchase the property for 92k, you have a strong case to have your tax assessment reviewed and potentially lowered. The market value of the home would be what you paid for it and the assessment should fall in line after it is reviewed.
A good place to start would be the local assessors office and find out the process that they go through for assessed value disputes. Your local real estate agent might be able to help you with providing evidence of the "value" of the home.
Best of luck!
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Answers by Expert:
- Dick Dennis
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- Hans Weber, Licensed Broker Associate
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Jay Denit
Expertise
I'm a Real Estate Broker/Loan Consultant in the state of Colorado. We have a separate foreclosure investing company, so I'm more than willing to answer any Colorado foreclosure questions for both the home owner and investor. I have sold bank owned homes all across the country for all of the big banks. I'd be happy to answer any questions about buying or selling residential homes and specialize in luxury estates. Furthermore, I have some experience in land acquisition and development and know a touch about water rights. We are a licensed lender in most states, so I can answer general questions about all types of mortgages.
Experience
My experience is really anything that has to do with real estate. From buying and selling to investing and foreclosure, I’ve done it all. Being able to handle the acquisition and financing under one roof gives me the intimate knowledge of all facets of property conveyance. My foreclosure/bank owned property (REO) experience gives me the problem solving mindset to always find a solution.
Organizations
BARA- Boulder Association of Realtors
NAR- National Association of Realtors
CAR- Colorado Association of Realtors
Education/Credentials
Xavier University-- BSBA Finance
Colorado State University-- Professional Certificate in Project Management
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