Property Tax Assessed Value vs. Fair Market Value Hard as it might be to imagine, there’s actually one scenario where a home’s property tax value can be too low: when it’s about to go on the market. While the assessed value isn’t something that Realtors and Appraisers take into account to determine market value —...Read More
Question #2: Calculate How Much per Square Foot Quick! Test your knowledge of today’s Twin Cities housing market, and guess how much this cute, 2 Bedroom/1 Bath South Minneapolis rambler with 864 FSF (above ground) is listed for: A. $89k B. $149k C. $249k D. $385k Before I give the answer, here are a couple clues: –The...Read More
Shooting the Messenger Listing Agent I think the prospective client to whom I made a listing presentation the other week is hiring someone else. Or, at least, I think he is; he never returned my phone calls after the meeting. Setback — Or Not? Five years ago — 60 or 70 deals back, in Realtor vernacular — I would...Read More
Multiple Offer Multiple Choice This (admittedly nondescript) brick cottage in St. Louis Park’s Fern Hill neighborhood came on the market June 1 at a list price of $90,000, and was switched to “Pending” 10 days later. The transaction closed August 13 (and was just posted on MLS this morning). What was the sales price? A....Read More
Lake of the Isles Classic Original character? Check. Terrific location? Check. Great curb appeal, condition, updates, and well-priced at $1.295 million (below the tax assessed value)? You betcha. So, what’s the . . . uhh, hold-up? A whopping $26,329 annual property tax bill! If the City of Minneapolis was trying to dissuade upper bracket Buyers from...Read More
You Call That Easing Up? The “good” news? (good if you’re not selling your home, that is). According to Hennepin County, the value of my home dropped just over 7% the last year. The bad news? That 7% drop in assessed value translates into a measly .7% decrease in my already-hefty Minneapolis property taxes. See, “Minneapolis Property Tax Disconnect.” Yup,...Read More
