Real Estate

I am looking at comparables to my home. I know a home that was recently purchased for quite a bit more than what my house is worth but they are taxed much less and the purchase price is listed much lower wtih the assessor. I see this a lot and wonder if I missed the boat when I purchased to do this too? How is it possible?

If you have a comp that is taxed at less than your house, it is because their assessed value for taxes is lower than yours for some reason.

You should appeal your assessment on this basis and you might be able to reclaim last year’s tax as well as pay lower taxes in future. You will need to file a protest quickly as it usually has to be done by the end of January. If you google, you will find someone locally who will do this for you and be paid only if successful, 50% of the tax refund.

4 Responses

1. src50 Says:
   December 3rd, 2009 at 5:54 am

   I think you are misreading something. The tax assessor gets the purchase amount right from the recorded transfer documents.
   References :

2. SusieQ Says:
   December 3rd, 2009 at 6:36 am

   In some states, assessed value has little relation to real value, or may be stated as a percentage of real value. Check your own home’s valuation for tax purposes and see how it compares with what your looking at.
   References :

3. Angie Says:
   December 3rd, 2009 at 7:10 am

   The one thing that you must understand is that property assessments for property tax purposes have absolutely nothing to do with the potential selling price of the property.

   The selling price of a property is governed entirely by the ‘buying public". It’s what someone is willing to pay for it.

   Property assessments are done by the town/government to try to put all of the houses in that jurisdiction on the same standard to make the tax paid as fair as possible. This assessment may reflect a higher or lower amount than what the property would bring on the open market.

   Now you mention that a similar property is being taxed much lower than yours. There is a process (check with you town) in place to object to your assessment and for you to present that kind of information in the hopes of getting a reduction in your tax bill. That is your right, and something you should pursue if you feel you are being overtaxed.
   References :

4. Politically Correct Says:
   December 3rd, 2009 at 7:30 am

   If you have a comp that is taxed at less than your house, it is because their assessed value for taxes is lower than yours for some reason.

   You should appeal your assessment on this basis and you might be able to reclaim last year’s tax as well as pay lower taxes in future. You will need to file a protest quickly as it usually has to be done by the end of January. If you google, you will find someone locally who will do this for you and be paid only if successful, 50% of the tax refund.
   References :

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