Quote:
Originally Posted by The Rick
So in other words, my city is claiming that my house is worth more than it really is?
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Quote:
Originally Posted by The Rick
Really? I thought it was lower...
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It really depends on where you live, the current housing market, etc. The tax assessment is based on prior sales price.
So if you bought your home for $150k, the city will begin assessing property taxes roughly around that figure. The city will increase the tax ever so slightly on a yearly basis. In Los Angeles, it's .012% of the sale price. If you don't know, you should check with your accountant or with the city as to the actual assessment tax.
As for the current
real value, as many have mentioned, have a reliable agent give you comps in the neighborhood. Only then will you know the true value in the current housing market in your area. There could be many factors involved that could make the value higher, lower, substantially higher or substantially lower than the city's assessed value.
Just be sure to pick THE best realty agency in your area. Otherwise, it's really a waste of time. No one likes cleaning the house every Sunday only to have 2 people show up.
Good luck!