Quote:
Originally Posted by Fredster
Generally properties are assessed at between 80-85%
of market value by taxing bodies.
Here is an explanation that I found.
"In summary an assessed value is the valuation placed on a property by a public tax assessor for purposes of taxation. Fair Market Value on the other hand is the agreed upon price between a willing and informed buyer and seller under usual and ordinary circumstances. It is the highest price which the property will bring when exposed for sale on the open market to a buyer who is purchasing with full knowledge of the properties highest and best use.
"In summary an assessed value is the valuation placed on a property by a public tax assessor for purposes of taxation. Fair Market Value on the other hand is the agreed upon price between a willing and informed buyer and seller under usual and ordinary circumstances. It is the highest price which the property will bring when exposed for sale on the open market to a buyer who is purchasing with full knowledge of the properties highest and best use."
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I do not disagree with what you said. But when I look at properties I know it seems that the difference between sale price and assessed value varies too much to have everyone fairly assessed. I am taking into consideration year of purchase. Seems that it would be better to use the sale price.