05-10-2017, 05:06 PM
You might get a much lower assessment (and taxes) but might not be able to sell it...
The assessed value is for tax purposes only. It has nothing to do with the previous sale price, at least here in Hawaii County. If you put your home up for sale, a buyer would make an offer, and the bank will have it appraised so they're sure any loan isn't for more than the property's actual value, based partially on comparisons with recent sales in the neighborhood.
If I know what I shall find, I do not want to find it. Uncertainty is the salt of life. - biochemist Erwin Chargaff
The assessed value is for tax purposes only. It has nothing to do with the previous sale price, at least here in Hawaii County. If you put your home up for sale, a buyer would make an offer, and the bank will have it appraised so they're sure any loan isn't for more than the property's actual value, based partially on comparisons with recent sales in the neighborhood.
If I know what I shall find, I do not want to find it. Uncertainty is the salt of life. - biochemist Erwin Chargaff
“We do this thing not because it is easy, but because we thought it would be easy.”