The tax assessed value is often misunderstood as it relates to the sales price. Some buyers are thinking that a home that has a tax assessed value of $400,000 but is listed at $475,000 is overpriced. The last seven sales of the most expensive homes in Clallam County during the month of August clearly show that the actual sales price was an average of 54% more than the tax assessed value. Here are all seven sales with the tax assessed value, the last listing price (not the original listing price), and the sales price.
Tax Assessed Value
These number are very revealing, because properties in the upper price range are selling for far more than their tax assessed value. The percentage represents how much more the homes sold for than the tax assessed values.
|Tax Value||Listed Price||Sales Price||% Difference|
Tax Assessed Value v. Offering Price
Too often buyers are thinking in terms of making an offer below tax assessed value. That would not work for any of these properties, not even close. This chart above should be helpful, but I recommend these three earlier articles about tax assessed values and how these numbers relate to fair market value.
Making an offer on a home is not simply a matter of using the tax assessed value. It is much more involved, and determining fair market value is what it is all about.
Possibly Related Posts:
- Tax Exemption: Agricultural Exemption
- Bell Hill Homes and Tax Assessments
- Washington Taxes
- Assessed Tax Value vs. Sales Price
- How the New First Time Home Buyer Tax Credit Works