Question About Breakdown Of Property Assessement
Ok I have been reading this boards for a little bit..read a book by Ron Legrande and am very motivated/interested in real estate as my future money maker. I am going to be buying his course in near future but for now I am researching on my own.
In Miami-Dade county you can look up property assessments online...complete with sattelite view of the house, very cool.
I am a little confused though on what the different terms mean...here is a printout of a house.
This house is currently FSBO for $235,000
Here is what is in the computers property assessment:
Sale Date: 8/2003
Sale Amount: $232,000
Assessment Information: Year: 2003 2002
Land Value: $26,367 $26,367
Building Value: $127,973 $112,325
Market Value: $154,340 $138,692
Assessed Value: $142,021 $138,692
Homestead Exemption: $25,000 $25,000
Total Exemptions: $25,000 $25,000
Taxable Value: $117,021 $113,692
If it has a Market Value of $154k in 2003..why did it sell for $232k that same year?
Thanks
[ Edited by riot8ap on Date 01/08/2004 ]
Poperty tax assessments often have little if any relation to actual market value. Previous sale price of the house and neighborhood comps provide a a much better idea of actual MV.
Off the top of your head does anyone know web sites for comps? If you can't type in a URL put the search term. Thanks!