Real estate question

[vraiblonde]

A house is for sale at $349,900
The tax assessed value is $258,067

Is the seller high on drugs asking $100k more than the county says the home is worth? Or is the buyer getting a deal on taxes?

Also it's a 3BR/2BA ranch, 1370sf, built in 1982, 1/4 acre, close to Gate 2 in Cedar Cove but nothing special. It seems to me that the house is overpriced, or is that what that type of house is going for there?

 

[glhs837]

A house is for sale at $349,900
The tax assessed value is $258,067

Is the seller high on drugs asking $100k more than the county says the home is worth? Or is the buyer getting a deal on taxes?

Also it's a 3BR/2BA ranch, 1370sf, built in 1982, 1/4 acre, close to Gate 2 in Cedar Cove but nothing special. It seems to me that the house is overpriced, or is that what that type of house is going for there?

County assessed value really no connection to the market. House next door here between the Green Door and SMCM (3.3 acres, built in 86 2500sqft split level) sold just this summer. State assessed value was 415k for 2025, rising to 441k for 2026. Sale price in August of this year was 550K. Prices are up. Assesments always lag.

 

[Ken King]

Property tax assessment is based on the "fair market value" and, if I recall, properties get reassessed every three years. So that might explain the difference if they have a new assessment coming. But what one asks for their property is based on what they want or think they can get for it.

 

[Sneakers]

My assessed value is way lower than market by hundreds of thou.