Is an assessment useful in determining market value?
August 31st, 2008 By Peter G. Miller
Tax assessments in many areas are only changed every two or three years, and thus may not be current. As well, assessments may be capped by state or local regulation to a given percentage increase which does not reflect market changes. Lastly, assessments may not reflect full values. For instance, there may be a special reduction for senior citizens.
If you want to know the current value of a property, the best approach is to obtain a comparative market analysis (CMA) from a real estate broker or an appraisal from a licensed appraiser.
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