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Interesting. I wonder what would her argument be if Zillow simply reported the City/County tax assessors estimates which are usually even lower than Zillow's.

twoodfin 9y ago
Zillow does/did record that information, though for my house it hasn't been updated (at least on the public website) since 2014.
BeetleB 9y ago
>I wonder what would her argument be if Zillow simply reported the City/County tax assessors estimates which are usually even lower than Zillow's. County assessors for tax purposes are explicitly not trying to determine market price. Zillow should ignore it.
- leftandright 9y ago
  I'm not sure what you mean. In Illinois (the state from the article) the assessor is calculating the market value: Most real property in Illinois must be assessed based on its value on the open market, or its “market value.” This value is the amount at which a property would sell in a competitive and open market... [1] [1]http://tax.illinois.gov/Publications/LocalGovernment/PTAX1004.pdf http://tax.illinois.gov/Publications/LocalGovernment/PTAX100...
  - BeetleB 9y ago
    Then it likely varies from state to state - or county to county. See http://www.investopedia.com/articles/tax/09/calculate-property-tax.asp http://www.investopedia.com/articles/tax/09/calculate-proper... for different methods used. As an example, some places merely look at the cost of replacing the house if destroyed.
  - skwirl 9y ago
    That's not how it worked where I grew up in Upstate New York. The assessed value was a number way below market value, but assessed values among different houses pretty much differ by the same proportions as the actual market values. I do not know why it is the case.
tehlike 9y ago
Tax assesment is useless in california?
- bufordsharkley 9y ago
  Yes, because of Prop 13, assessments have very little connection to current market value.

twoodfin 9y ago

Zillow does/did record that information, though for my house it hasn't been updated (at least on the public website) since 2014.

BeetleB 9y ago

>I wonder what would her argument be if Zillow simply reported the City/County tax assessors estimates which are usually even lower than Zillow's. County assessors for tax purposes are explicitly not trying to determine market price. Zillow should ignore it.

leftandright 9y ago
I'm not sure what you mean. In Illinois (the state from the article) the assessor is calculating the market value: Most real property in Illinois must be assessed based on its value on the open market, or its “market value.” This value is the amount at which a property would sell in a competitive and open market... [1] [1]http://tax.illinois.gov/Publications/LocalGovernment/PTAX1004.pdf http://tax.illinois.gov/Publications/LocalGovernment/PTAX100...
- BeetleB 9y ago
  Then it likely varies from state to state - or county to county. See http://www.investopedia.com/articles/tax/09/calculate-property-tax.asp http://www.investopedia.com/articles/tax/09/calculate-proper... for different methods used. As an example, some places merely look at the cost of replacing the house if destroyed.
- skwirl 9y ago
  That's not how it worked where I grew up in Upstate New York. The assessed value was a number way below market value, but assessed values among different houses pretty much differ by the same proportions as the actual market values. I do not know why it is the case.

tehlike 9y ago

Tax assesment is useless in california?

bufordsharkley 9y ago
Yes, because of Prop 13, assessments have very little connection to current market value.