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What does the assessed value of a property mean?

What does the assessed value of a property mean?# Living

j*A2010-09-22 07:09

1 楼

各位大侠, I am interested in a home which was sold at price of 43w 5 years
ago.
It is listed 47w now.
The 2010 annual assessed value by county is $385,000.
Does current county assessed value reflect market price?
Since there is a big difference--8.5w, I wonder what is a fair offer for
this home.
Home is in southern California. Thanks!

f*i2010-09-22 07:09

2 楼

It is the value for tax purpose.
Google california prop 13

【在 j*****A 的大作中提到】

: 各位大侠, I am interested in a home which was sold at price of 43w 5 years
: ago.
: It is listed 47w now.
: The 2010 annual assessed value by county is $385,000.
: Does current county assessed value reflect market price?
: Since there is a big difference--8.5w, I wonder what is a fair offer for
: this home.
: Home is in southern California. Thanks!

h*b2010-09-22 07:09

3 楼

assessed value starts w/ owner's purchase cost--it may increase a max of 2%
annually per prop 13 in California.
$385k is the prop tax base--nothing to do w/ mkt price
use recent sales comps instead--may not be accurate but good indication

j*A2010-09-22 07:09

4 楼

Thanks for the information.
My understanding is, if the house price in market increases, the owner pays
no more than 2% increase in house value for property tax.
While when the house price in market declines, like what happened after 2007
, many owners asked county assessor to "revalue" the house in order to pay
less property tax. Under this situation, does the CURRENT county assessed
value reflect market price? I notice some assessed value was actually done
on 01/01/2010.
Thanks!

%

【在 h***b 的大作中提到】

: assessed value starts w/ owner's purchase cost--it may increase a max of 2%
: annually per prop 13 in California.
: $385k is the prop tax base--nothing to do w/ mkt price
: use recent sales comps instead--may not be accurate but good indication

b*d2010-09-22 07:09

5 楼

今天刚好和一个Escrow Officer聊天,他说如果你的房价上涨,County会及时的给你Re-
access你的Property tax,相反如果房价跌了,除非自己去申请,否则Tax是不会降的.

pays
2007

【在 j*****A 的大作中提到】

: Thanks for the information.
: My understanding is, if the house price in market increases, the owner pays
: no more than 2% increase in house value for property tax.
: While when the house price in market declines, like what happened after 2007
: , many owners asked county assessor to "revalue" the house in order to pay
: less property tax. Under this situation, does the CURRENT county assessed
: value reflect market price? I notice some assessed value was actually done
: on 01/01/2010.
: Thanks!
:

f*i2010-09-22 07:09

6 楼

assesed value may only increase by 2%
but tax rate may change any time

pays
2007

【在 j*****A 的大作中提到】

h*b2010-09-22 07:09

7 楼

Yes and No--
by law, prop assessed value (AV) supposed to be reflective of "mkt condition
", not necessarily the "mkt price" (MP). MP could go up 20% a yr like in
the hay days but AV is limited by 2%. If you own your house long enough, AV
is most likely NOT reflective of the mkt--usually lower. it's to the owner'
s advantage.
vice versa, in a 20% declining yr, AV will not drop 20% a yr. it has to
catch up on the gains before being offset by the decline. When the decline
continues like what we recently experienced, AV WILL go down meaningfully--
note, NO % limit on the downward adjustment.
if you happen to buy near the top, adj on AV is more in line w/ mkt. by no
mean, AV = MP.
yes, assessment is done once a yr. County may adjust the AV itself, w/ or w
/o owner's request.
Last, AV starts w/ purchase price. for room addition or re-build, county's
internal cost basis is much lower than mkt--ratio is about 1 : 2.5. if can'
t afford to trade-up for bigger house, think about addition. =)

pays
2007

【在 j*****A 的大作中提到】