Tag

tax assessed value

Don’t Go By Asking Prices

Sold! (For 1/3 of Tax Assessed Value) What: 3BR/3BA walkout rambler with almost 2,600 FSF Where: 2625 Quentin Ave. South, in St. Louis Park’s Fern Hill neighborhood How much: originally listed for $226,800 on Aug. 5. When: closed Nov. 18 (Thursday); just posted on MLS this morning. “Exhibit A” under the category, “don’t go by...
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40% Below Tax Assessed Value

Where: 16xx Cedar Lake Parkway (just northwest of Cedar Lake in Minneapolis) What: 3 BR/2BA Contemporary with almost 3,200 finished square feet. How much: listed for $320k When: originally listed in Oct. ’08 for $549k. Who: listed by RE/MAX Results; agent is Michael Kohler In today’s market, it’s increasingly common to see homes for sale...
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"Such a Deal"

Is it REALLY “Below Market Value?” As many Sellers already know, it’s a tough market out there, especially in the higher brackets. So, to let prospective Buyers know that their home is a deal, more Sellers (or their agents) are peppering their marketing with phrases like, “asking price less than market value.” Is it? “That’s...
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"Frozen in Amber" Homes

What Does Tax Assessed Value Say About Market Value? In a Buyer’s market like today’s, more and more listings announce that the home is “selling for less than tax assessed value” — sometimes substantially less. The inference is that the home is a bargain. Is it? Not necessarily. One situation where tax assessed value can...
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Comparing (Bruised) Apples to Oranges

To Help Clear Housing Market, Peg Tax Value to Last Sale Price “Believe me, it’s not what it is.”—New Yorker cartoon That’s what’s the woman caught in bed with another man, says to her husband standing in the bedroom doorway. And that’s what government authorities are effectively saying to anyone who buys foreclosed properties at...
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Property Tax Pitfalls

How Foreclosure Buyers Can Reduce Their Property Taxes Q: When is fair market value not “fair market value”?A: When it’s a foreclosure sale. Because of the process(es) described in “Sticky” Property Taxes, foreclosure buyers should not expect dramatic property tax relief any time soon after closing their purchase. Even worse, unless they’re careful to document...
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