Information On Southern California Appraised And Assessed Home Values

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People usually mistake appraised home values with assessed home values. As a real estate consumer, it is useful to distinguish the difference between these terms. Information on Southern California appraised and assessed home values is provided below.

What Are Assessed Home Values

Localities require a property tax on homes. The sum is derived from a percentage and an assessed value of a piece of property. Assessments are used only for determining taxes and do not by any means relate to the real estate market price. Every municipality determines assessed value using different criteria. They traditionally include land area, interior elements, and exterior amenities such as decks. They can re-assess house values and/or increase the tax rate at regular intervals.

What Are Appraised Home Values

An appraisal is a calculation of the market price of a home by a licensed individual based on approved techniques. Banks use appraisers to confirm that financing is not being provided for higher than the actual market price of real estate. It is a part of their due process since they bear the majority of financial burdern until you lower the balance of your loan. Appraisers traditionally pull a few other listings that recently sold in the a similar town. Because the real estate market can change dramatically, reviewing recent sales is important for a proper appraisal.

Information On Southern California Appraised And Assessed Home Values

The actual price of a listing is ascertained by what a purchaser is willing to pay, which will vary continually depending on factors such as financing options. Buyers should use caution when relating assessed figures with the selling price of a property since they do not adjust in tandem. Some locations do not often modify assessments and increase tax amounts instead. Only an appraisal will provide an accurate indication of present market price. This blog regarding information on Southern California appraised and assessed home values was compiled by Matthew Rapoport at Homes Inc.. For further resources on this and other real estate matters, contact Matthew at (213) 334-4141 or [email protected]