I Need To Pick Someones Brain....
I was researching a property that has been foreclosed on at the tax assessors website and noticed that they have an estimated market value way below what the building is worth. Rehabbed this property would go easily for 250K. How did they come up with this figure and is this what they consider the property worth?
It reads:
Land 1,908
Building 11,592
Total 13,500
Estimated Market Value 84,375
Can somebody tell me what this is all about?
Benny 
[addsig]
Dear Bennie,
What you are looking at is archaic information. Some day soon they will come around and reappraise the property and drop a really goody of a tax bill on you. What do you think it is worth? Look at other similar ones and you draw your own opinion, that is worth something. You are there in present time do not become confused, kick the house and stucco the car. You are really the only one that knows the value. Have fun. Lucius
Thanks for the response Lufos. Yeah they definitely have something wrong because this was supposedly assessed in 2002 and the building was in better shape then than it is now.
Benny
[addsig]
Please note that the assessor's {"true cash value" or " market value"} is generally low or better said ---wrong.
Government plans a budget. They determine the amount of revenue which must come from real property taxes. The law says Ad Valorem (equalization of taxes for all citizens in the community). So, to collect the taxes needed they can either assess high and lower the tax rate, they can assess low and raise the tax rate,or they can play with both elements.. The end results is the same amount of revenue is collected.
The exception is CA with their (Proposition 13) which mercifully needn't concerned .
Some counties have their in house employees do the reassessment. Other counties hire private contractors. Its a big job. The personnel has minimal training. The end results is that errors tend to be repeated reassessment after reassessment.
I wouldn't look at the assessors estimate of market value for my buying and selling decisions. Look at the assessors estimate of market value for your own home. Get the picture?