As you open your property tax bill for the year, you can’t help but notice the assessed value of your home. You need to sell your home, but you are feeling extremely discouraged by its assessed value. However, your home’s assessed value and market value can significantly differ. If you have been considering selling, or if you are simply curious about how much your home could sell for in today’s market, do not rely on your home’s assessed value. Instead, get in touch with Michele Harmon Team to receive your free comparative market analysis. Our market analysis may provide you with a more favorable result – and we are going to tell you why!
The Two Home Valuations Serve Different Purposes
Your home’s assessed value and market value serve different purposes. In short, Michele Harmon Team’s comparative market analysis will determine your home’s fair market value to pin a listing price, and your local tax assessor’s assessed value is established to base property taxes on.
In Detail
Fair Market Value
Fair Market Value entails what your home looks like to prospective buyers in comparison to other homes in the area. When Michele Harmon Team provides you with a comparative market analysis, we look at the recent sale prices of homes similar to yours (same number of bedrooms and bathrooms, square footage, or outdoor space) to grasp what buyers have been willing to pay for a property comparable to yours.
Assessed Value
Your home’s Assessed Value is the assigned dollar value of your home used by local county tax assessors to determine property taxes. According to the Texas Comptroller, Tax Code 25.18 requires appraisal districts to reappraise all property in its jurisdiction at least once every three years. The assessed value of a home is often less than its market value because in most cases, Texas law provides that the assessed value of a residence homestead property can only increase by 10% each per year, regardless of market value increases.
In Conclusion
If you are wanting to know how much your home is really worth in today’s market, it is important to understand that your home’s assessed value does not actually represent how much your property can sell for. While an online home valuation can be helpful in getting a sense of what your home is worth, the number is only a starting point. Online home valuation tools are based on an algorithm that does not take recent upgrades, house conditions, curb appeal, or external factors into account. Michele Harmon Team would love to provide you with a free comparative market analysis! Michele Harmon Team follows the Houston Real Estate market and uses data along with our local expertise to provide you with a fair and accurate market value. Give us a call at 713-818-1330 to get started today!
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