Knowing the assessed value of a particular property can be a huge help in buying, selling or refinancing. However, with multiple valuation methods and terms available, it can be difficult to distinguish one from the other. Luckily, there are some simple ways to find the assessed value of your home. Here are the basics:
The assessed value of a property refers to the estimated amount your home would sell for. This value is key in determining how much you pay in property taxes every year. A lower assessed value will generally equal lower tax rates and vice versa.
To find the assessed value of your home, you would need to know a few other variables first. One is a percentage known as an "assessment rate" determined by the local county or other municipality. You also need the market value of your home, which can be determined by a real estate agent, and the appraised value, which you can get from a professional appraisal.
To calculate the assessed value, you multiply the market value by the assessment rate. For example:
Assessed value = (Market value x Assessment rate) / 100
If you're planning to sell or buy a home, it's important to familiarize yourself with these terms. Even if you're not planning to buy or sell, knowing your home's value can help you make more informed financial decisions.
Daniel j Leeder is a REALTOR®. A Legislative Committee member of Citrus County Realtors Association. He has an extensive history of business experience. Has been a franchise owner of Tropical Touch Auto Restoration an independent contractor for Colors on Parade Inc. for 29 years. A business owner, homeowner as well has closed on properties 75 times in 3 states.
Strength of Character and a drive to please in all capacities of business and personal relationships helps him be the best choice for your Real Estate needs. Real Estate can be complicated, you need a professional in your corner to help you through the little details, and contracts, showings, and legal issues that arise with the buying or selling of one of your most expensive assets. You don't trust your Business or Home to just anybody. Consider Listing or Buying with the Captain. He will NOT steer you wrong.