[wendyquat]

We are actively looking for a stucco cyv in a good location. When I check the tax values it seems that the asking prices are typically $40,000 to $50,000 above tax values. Is this sort of the norm for the area? Thanks

[l2ridehd]

Tax value and market value are completely different. Related as a % maybe but not really tied to each other. And tax value also may have different and multiple exemptions.

[diskman]

Originally Posted by wendyquat

We are actively looking for a stucco cyv in a good location. When I check the tax values it seems that the asking prices are typically $40,000 to $50,000 above tax values. Is this sort of the norm for the area? Thanks

tax values are always less then home values no matter what state you live in

[Bill-n-Brillo]

Wendy, that difference would seem about right to me.

Best thing to look at is what comparable CYVs have actually sold for recently, say in maybe the last year or so. As long as you're comparing apples-to-apples as closely as you can, that would give you a fair take on what current market value would be - give or take based on lot premiums, upgrades that add value, and so on. Compare the one you're considering to others in the same villa group (or others close by) that are of the same or similar floorplan that would be comparable - there are lots of variations in CYV floor plans/square footage that impact pricing.

Actually, it's kinda a good thing that the county comes up with assessed values that are lower than the going sales rate - helps you on your property taxes!

Hope that helps -

Bill

[obxgal]

The "Tax" value would take into consideration the homestead exemption. A married couple are eligable for a $50,000 exemption. That could possible be the reason for the difference.

[StarbuckSammy]

It seems that once a new home goes on the tax roll the initial tax value is about 20-25% less than the new purchase price. If you see a large disparity then you want to find out why. Perhaps they added on or did some improvements. Or it may be overpriced. Always compare the same "new" construction villa with what you are looking. Then ask why is there is difference...and is it justified.

[seashorecaroline]

As a retired New Jersey Tax Collector I knew the Assessor is the one who places the value on properties. So before I purchased I called the Sumter County Assessor's Office for tax information. I was told the initial assessed valued is 85% of the purchase price. Then every year thereafter they take the average sale prices and adjust the asssements up or down according to the market. Hope this helps.

[JimJoe]

Originally Posted by seashorecaroline

As a retired New Jersey Tax Collector I knew the Assessor is the one who places the value on properties. So before I purchased I called the Sumter County Assessor's Office for tax information. I was told the initial assessed valued is 85% of the purchase price. Then every year thereafter they take the average sale prices and adjust the asssements up or down according to the market. Hope this helps.

Thanks!
JJ

[mulligan]

If you look at zillow and/or trulia, you can get a pretty good list of comparable sales

[Bill-n-Brillo]

Originally Posted by mulligan

If you look at zillow and/or trulia, you can get a pretty good list of comparable sales

Here's another methodology as well:

If the CYV you're considering is in Sumter County, this is how you can look up sales info through the Property Appraiser's web site:

https://www.talkofthevillages.com/fo...294#post340294

Bill