IS it a good or bad thing if a house's selling price is less then the assessment price?
I am looking at a house that I can probebly get for $450K. Needs work, but in the end I will be into it for about $550K.
The assessment on it is $551K.
The house I am in now, is assessed at $111K, but is on the market for $400K.
Trying to determine which is better. THis is not the appraisel, but the assessment.
A house is worth what someone is willing to pay for it. An assessment is only a number that is used to calculate your property taxes. I would much rather be in a house that is under-assessed..
Where I live assement is based on selling prices. If you buy for less than assement you would have legitimate challenge to the assement.
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