Your Opinion: Do assessed values reflect reality?
Wednesday, May 4, 2011
As home owners are receiving a notification of an increase of their property taxes, this is something to think about:
Based on the valuation that the county assessor sets on any property, the county should have to buy it at that price including payment of all closing and tax fees if the owner chooses to sell. No argument. After all, the assessor is the expert, when they say it is worth that amount, they should be prepared to back it up.
Just because you pay a tax based on a value set by the county assessor, does not mean you can sell it for that amount. Maybe, there wouldn’t be so many foreclosures if the taxes and valuation were more realistic. You never see the assessed values go down during recession or hard times only up. If the county buys my property at the declared value and turns a profit, more power to them.
I’ve been told to get a professional appraisal to present to the county. However, I understand that can cost upwards of $1,500 and I would just as soon accept a check from the county assessor expert for what they say the property is worth.
I have a feeling there are many others who feel the same way.