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Are appraisals connected in any way to taxable property values?
by NullPrefix 5y ago
Are appraisals connected in any way to taxable property values?
- maxwell 5y agoThey establish taxable property values! Who appraises the appraisers?
- gumby 5y agoIn California only indirectly (you can sue to change a tax appraisal you don't like...but the replacement could be higher!) They are required for loans and insurance. Even if you only need a $25K loan for a new kitchen, loan-to-value ratio may be the difference between getting one or not, or a big difference in interest rate you pay.
- pschuegr 5y agoAny way to take advantage of this racist bullshit to get a low tax burden but a high sales value?
- antisthenes 5y agoDepends on the jurisdiction. In my state/county, the appraisal you get for selling/buying and the appraisal that is done for taxation purposes are not the same thing. The county does taxation assessments separately, without any input from the homeowner, and only at certain intervals (5 years I think). They also tend to be lower than the market value, at least in the post-2008 market. I think it tends to be lower in part to give homeowners a break and in part because they can't assess the quality of the structure, only the land area. So if you've done interior improvements, it obviously won't be captured in the value.