Brought to you by Scott P. Rogers, Funkhouser Real Estate Group, 540-578-0102, scott@HarrisonburgHousingToday.com
Brought to you by Scott P. Rogers, Funkhouser Real Estate Group, 540-578-0102, scott@HarrisonburgHousingToday.com
Thursday, January 10, 2008
The assessed value of a property is the value assigned to the property by the local assessor's office, for the purpose of determining how much you will pay in taxes. Harrisonburg has a great "Understanding Assessments" guide on the Commissioner of the Revenue section of their web site.
How to determine the assessed value of a property:
For Harrisonburg, visit the new Real Estate Information System to view assessed values for properties, and lots of other property information.
For Rockingham County, visit their GIS web site, where you can search for a property, and obtain its assessed value.
Additionally, if you have trouble with either of these systems, feel free to e-mail me (scott@cbfunkhouser.com) --- I look up assessed values quite frequently, through both of the systems above, and through the MLS. I'd be happy to look up a property for you and e-mail you back with the assessed value.
Real World Assessments
Let's take a look at a few real world assessments compared to recent sale prices to see how they compare, starting with the three real estate closings from the past few weeks in our MLS for Harrisonburg . . .
It becomes clear that there is not a magical percentage that can be used to determine the market value of your home based on assessed values.
Finally, here's one example of a house (that I am marketing) that is for sale at a price below the appraised value:
6210 Dotts Lane, Penn Laird (click here for details)
Asking Price = $319,000
Assessed Value = $333,200
With amazing views, a large lot, a private neighborhood, schools in close proximity, superior construction quality, and a price below appraised value, it is a great opportunity!
How to determine the assessed value of a property:
For Harrisonburg, visit the new Real Estate Information System to view assessed values for properties, and lots of other property information.
For Rockingham County, visit their GIS web site, where you can search for a property, and obtain its assessed value.
Additionally, if you have trouble with either of these systems, feel free to e-mail me (scott@cbfunkhouser.com) --- I look up assessed values quite frequently, through both of the systems above, and through the MLS. I'd be happy to look up a property for you and e-mail you back with the assessed value.
Real World Assessments
Let's take a look at a few real world assessments compared to recent sale prices to see how they compare, starting with the three real estate closings from the past few weeks in our MLS for Harrisonburg . . .
| 1064 Meadowlark Drive (closed 1/2/2008) Sale Price = $155,000 Assessed Value = $149,500 (96.5%) 1159 Westmoreland Drive (closed 12/27/2007) Sale Price = $265,000 Assessed Value = $204,300 (77.1%) 80 Maplehurst Avenue (closed 12/27/2007) Sale Price = $312,500 Assessed Value = $229,600 (73.5%) | 1090 Oakdale Court (closed 1/3/2008) Sale Price = $167,000 Assessed Value = $144,000 (86.2%) 4765 Lawyer Road (closed 12/28/2007) Sale Price = $270,000 Assessed Value = $180,900 (67.0%) 126 Wilson Way, Massanutten (closed 12/28/2007) Sales Price = $325,000 Assessed Value = $299,000 (92.0%) |
It becomes clear that there is not a magical percentage that can be used to determine the market value of your home based on assessed values.
Finally, here's one example of a house (that I am marketing) that is for sale at a price below the appraised value:
6210 Dotts Lane, Penn Laird (click here for details)
Asking Price = $319,000
Assessed Value = $333,200
With amazing views, a large lot, a private neighborhood, schools in close proximity, superior construction quality, and a price below appraised value, it is a great opportunity!
