Posted on: 25th Jun, 2007 10:05 pm
I am buying 7 acres of land and the lady demands $15000 and as per the tax appraiser, the land is worth double the amount mentioned by the lady. I know the land can be more than $15000 but how accurate is tax appraisal done here in texas. The market appraisal will be taking place soon and I'm just thinking what it will actually turn out to be.
Hello Jack,
I do understand how you are feeling. There are two types of appraisal- Tax and Home (Real estate). What you need here is a real estate appraisal. Real estate appraisal is done in order to determine the market value of your home . So, you need not worry and get the appraisal done.
I do understand how you are feeling. There are two types of appraisal- Tax and Home (Real estate). What you need here is a real estate appraisal. Real estate appraisal is done in order to determine the market value of your home . So, you need not worry and get the appraisal done.
Hi Jack,
Welcome to forums.
The tax appraisal is meant for assessment of the property taxes you need to pay. But the market appraisal is all about finding out the value of your home. Hence, you need not worry about it; rather you should seek the services of an appraisal and get your home appraised.
Thanks
Welcome to forums.
The tax appraisal is meant for assessment of the property taxes you need to pay. But the market appraisal is all about finding out the value of your home. Hence, you need not worry about it; rather you should seek the services of an appraisal and get your home appraised.
Thanks
Jack,
Market appraisal is basically an assessment of how much one can practically expect after selling the property / home. This assessment is based on the number homes / property being sold in the locality.
A tax appraisal is a value for taxation purposes. The tax assessment / appraisal is a tool local governments use to exact a property tax rate on residents. The local government determines your home’s worth by reassessing the homes in the area you live in.
In your case, I feel that you should wait till the market appraisal is done. I also feel that you are a bit worried regarding the impending appraisal. So, there are certain steps that you can take to get an accurate appraisal:
* Get the home in best of the best of conditions
* You should try and accompany the appraiser
Market appraisal is basically an assessment of how much one can practically expect after selling the property / home. This assessment is based on the number homes / property being sold in the locality.
A tax appraisal is a value for taxation purposes. The tax assessment / appraisal is a tool local governments use to exact a property tax rate on residents. The local government determines your home’s worth by reassessing the homes in the area you live in.
In your case, I feel that you should wait till the market appraisal is done. I also feel that you are a bit worried regarding the impending appraisal. So, there are certain steps that you can take to get an accurate appraisal:
* Get the home in best of the best of conditions
* You should try and accompany the appraiser
Hi Jack,
Tax appraisals in Texas vary wildly from county to county. The tax appraisal is supposed to be within 5% of market value.
But, if no other similar property, like the one that you want to buy, has sold in the past 2 years or so, within 3-5 miles of this property... the tax appraiser will not have any data to draw from. The banks appraiser may also have difficulty finding comps.
Also, the banks appraiser is not looking for top market value only that the value of the land meets or exceeds the sales price of the property. If the land could be worth $30,000 per acre and you are buying it for $15,000 per acre, the bank's appraiser will only look for comparables close to the $15,000 per acre range.
(The appraiser will not find top dollar value, only the contract price.)
Tax appraisals in Texas vary wildly from county to county. The tax appraisal is supposed to be within 5% of market value.
But, if no other similar property, like the one that you want to buy, has sold in the past 2 years or so, within 3-5 miles of this property... the tax appraiser will not have any data to draw from. The banks appraiser may also have difficulty finding comps.
Also, the banks appraiser is not looking for top market value only that the value of the land meets or exceeds the sales price of the property. If the land could be worth $30,000 per acre and you are buying it for $15,000 per acre, the bank's appraiser will only look for comparables close to the $15,000 per acre range.
(The appraiser will not find top dollar value, only the contract price.)
Hi jack,
As far as I know, tax assessments are low and differ from real estate appraisal. The latter compares current market property values to that of your property-value. What you can do is, check the comparable sales in your neighborhood.
You can try to find out the prices of properties sold within the past 6 to 12 months in your nearby area and having similar features. The best thing will be to take help from real estate agent.
Hope this helps..
God bless you.
Samantha
As far as I know, tax assessments are low and differ from real estate appraisal. The latter compares current market property values to that of your property-value. What you can do is, check the comparable sales in your neighborhood.
You can try to find out the prices of properties sold within the past 6 to 12 months in your nearby area and having similar features. The best thing will be to take help from real estate agent.
Hope this helps..
God bless you.
Samantha
Samatha is right from my experience. Tax (assessor full cash value) is typically low and is NOT a reliable source for anything besides how much the gov is going to tax you.
make sure you get a land appraisal done, or if your sure its worth much more go ahead and pick it up!
Good luck
make sure you get a land appraisal done, or if your sure its worth much more go ahead and pick it up!
Good luck
