First time home owner that bought a house late last year. Just received a letter in the mail from the county with a new assessed value of my home. It is a bit lower than what I purchased the house for. It says I can submit an appeal by submitting an official appraisals. Should I do that? Or just leave it alone. What would benefit me when I file taxes for last year? I plan on living here for the next 2 years at minimum!

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Assessed value for taxes is not the same as market value. Leave it alone and enjoy the “reduced” tax bill. Make sure you file for homestead exemption to o.

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Wait, are you trying to get it assessed for higher? 😂

likefunny

Very rarely does selling price get limited because of lower tax assessment, except maybe it's a positive since buyer knows their taxes would be lower too.

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Realtors have told me this has no effect on asking price. I would consider it a win due to its impact on property tax.

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Nobody cares about assessed value. Go on zwillow, look at the tax assessments vs sale prices--- you'll see they don't track.

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It's standard in most areas to have the assessed value at roughly 80% of the actual values. This fluctuates a bit, city by city, but a good rule of thumb I've found.

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There's no benefit. An appraisal, and not the tax assessment, will determine your home's market value when you sell. Appealing for a higher assessment will only increase your taxes.

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Pretty sure the county will be glad to assess it as high as you are willing to pay the taxes on. And probably frame the request.

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You know you can benefit from a lower assessment, right?

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This is rare that you would challenge assessed value. I replaced an old garage with a nice shop. It raised my property value dramatically, shortly after market crashed, home values plummeted. I was stuck paying $300 extra a month based on a peak value until I could appeal it. In that year the value dropped 125k. In this case it was worth it. I could submit an appraisal and lower the taxes.

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But typically the direction of the assessed value matches the direction of the market value. So you’ll probably see market value decrease as well, not caused by lower assessment but because of the common market factors that bear on both valuations.

If i'm not mistaken , this letter is for your property taxes, This a tax value not a Market Value, So if you plan on contesting it. you will just pay a higher Property tax. But this will not effect your Market Value one bit.

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