 |
| Explore MJRB: Home | The Board | Members | Associate/Affiliate Members |
|
Ask a Realtoras appearing in:
Question:
Last year we purchased our first home. Our REALTOR®, Myrna, was extremely helpful. We expressed our concern that paying more than a house was worth was a worry for us as my husband is in a highly mobile job. Myrna was excellent she showed us comparable prices for similar house that sold, and she showed us houses that were below the amount we were willing to spend just incase. We finally purchased a house in a quiet area close the school for our kids. We were very happy until we received our tax notice from the city this spring. We paid $112,500.00 for our home, but the notice from the city states our assessed value for our home is $99,950.00. I am concerned we paid too much, and that Myrna was not as honest and upfront with us as I thought. Please explain this to us. Shari
Answer: You did not pay too much for your home, and from the sounds of it Myrna, your REALTOR® did an excellent job of helping you make an informed choice. There is a very big difference between the assessed value of a property and the “market” value of the same property. Assessed value is the amount determined by a municipality of the value of a property to assess property taxes. The assessed value is determined by a series of factors, physical inspection of the property, and by improvements done by the owner. The assessed value helps the municipality to set mill rates. And provide tax notices. Market Value has absolutely nothing to do with assessed value. Market Value is what a prudent buyer is willing to pay under current market conditions, amenities of the home, and location and condition for a property. Market value is calculated by comparing similar properties that have sold over a current time period that are similar to the one to be sold. Determining a fair Market value is the job of a REALTOR® So, Shari, in conclusion if you have questions regarding your property taxes call the City for the information on assessment, but if you have questions regarding Market Value call a REALTOR® Well I hope this has cleared up your concerns, and please do not hesitate to write back if you have further questions
The Moose Jaw Real Estate Board reserves the right to print only those questions that they deem appropriate. If you would like to have a personal response to your question include your name & address and a reply will be forwarded to you.
Address your inquires to: |
