3 ms·
> You’ll find that in nearly every US jurisdiction assessed value is a percentage of market value, often a very small one. That's definitely not the case in m
by antisthenes 5y ago
> You’ll find that in nearly every US jurisdiction assessed value is a percentage of market value, often a very small one.
That's definitely not the case in my municipality (North-East USA).
Tax assessments are as close to market value as you can get, considering that they are only being appraised every 5 years (I think, it may be 3 years). So there's obviously some lag if the market booms or busts. But overall it's pretty damn close to market prices and averages out over the long term.
- np_tedious 5y agoI am also in the northeast and my assessed value is under 1% of actual market value. https://www.tax.ny.gov/research/property/equal/rar/index.htm https://www.tax.ny.gov/research/property/equal/rar/index.htm There are also many firms to dispute your assessment and lower your property tax bill. They do aggressive mass mailing and are able to claim very specific reductions. They then take a percentage (usually half) of first year savings.