Quote:
Originally Posted by Bill14564
It could be because you are looking at recently purchased homes. The market value might be based on the recent sale while the assessed value might be based on an assessment performed last year. If that is the case then the assessed value will catch up to the market value when the home is reassessed this year.
For my home, purchased several years ago, the assessed value and market value were the same last year but this year the assessed value is about 80% of market value. For my home, this is due to the Save Our Homes benefit which limits the increase in assessed value. This shows that assessed values follow market values and that market values increased significantly since last year.
Take a look at homes purchase a little over 13 months ago and see if the market values and assessed values aren't closer in those.
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Good idea. I'll try that.