Post by laurnsmom on Dec 18, 2008 5:24:22 GMT -5
You can't go on a website to find your market value. You have to go to your town.
Also, market value is not defined by a particular town. Market value is defined as The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale. Know what that means? It's what each buyer and seller, given all the info on a property, without duress, will agree to. So even if the town says your house is worth 200K, in this market, the value may only be 150K.
OK, back from the real estate lesson. nycco, you can call the town and find out when grievance day is. I don't know, they keep changing it. Basically, your assessment:market value ratio should be 50%. If yours is higher, you're paying too much.
Also, market value is not defined by a particular town. Market value is defined as The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale. Know what that means? It's what each buyer and seller, given all the info on a property, without duress, will agree to. So even if the town says your house is worth 200K, in this market, the value may only be 150K.
OK, back from the real estate lesson. nycco, you can call the town and find out when grievance day is. I don't know, they keep changing it. Basically, your assessment:market value ratio should be 50%. If yours is higher, you're paying too much.