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Thread: 2021 Assessments Time!

  1. #41
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    The only thing assessments are useful for are trying to figure out how much better / worse your property taxes are going to be this year on a relative basis. If your assessment goes down by a greater % than average then you are getting a better relative deal on your property taxes than last year.

    I have no comment on “valuation” of real estate or real estate valuation models relative to city assessed values.

    My “check honest door” comment goes out to all the people who can’t remember what their assessed value was last year, as it’s most easily accessible on that site.
    Originally posted by Thales of Miletus

    If you think I have been trying to present myself as intellectually superior, then you truly are a dimwit.
    Originally posted by Toma
    fact.

  2. #42
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    Quote Originally Posted by Masked Bandit View Post
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    I don't remember what mine was last year all I know is that the current assessed value is 5% lower than it was when we signed the deal to build the house in December of 2006. Factor in some overall inflation and if I was looking at this place as an investment I'd be pretty pissed.
    Wasn’t 2006 following the largest increase in house prices we have even seen? When I bought my house in 2004 the values increased by 50% a year later.

  3. #43
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    Assessment down 4.2% from last year. Largely indifferent, as I don't anticipate we'll be living in this house come summer.

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    Quote Originally Posted by Darell_n View Post
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    Wasn’t 2006 following the largest increase in house prices we have even seen? When I bought my house in 2004 the values increased by 50% a year later.
    More or less ya. In the end I don't "care", to buy the 2006 house we sold our other property for double what we paid for it so in the end the cost to upgrade didn't change, the spread between the two was the same. We're also not going anywhere for at least 5-10 years so the value of my current residence doesn't actually mean anything. It's just a funny point of comparison.
    "Masked Bandit is a gateway drug for frugal spending." - Unknown303

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    -5.3%, not terribly surprising as it seems they dropped the value on all the hail-damaged areas.

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    Quote Originally Posted by sabad66 View Post
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    +1, thanks Aspen!
    Not aspen, but close.

    My neighbor on same street with a bigger house than us had their assessment go down 10% however we renovated our basement and have never seen a bump in assessed value until now so perhaps that was it.

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    Down 7%.
    Follow me on Instagram and Facebook!

  8. #48
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    down 5% - Strathcona Park

  9. #49
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    Up 1% lol
    User title molested by Rage2.

    Quote Originally Posted by rage2 View Post
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    It's not the size that matters, it's the taste it leaves in your mouth.

  10. #50
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    Condo. Down 3.2%

  11. #51
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    does the assessment value has anything to do with home sales price?

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    Basically, no
    Originally posted by Thales of Miletus

    If you think I have been trying to present myself as intellectually superior, then you truly are a dimwit.
    Originally posted by Toma
    fact.

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    Quote Originally Posted by rach View Post
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    does the assessment value has anything to do with home sales price?
    Some people refer to assessment value when buying or selling a home as if it means much, but really the last sold prices of the similar property in the area is what trumps it all.
    Assessed value just tells you how much you're going to get taxed.

    I'm sure a realtor has more insight...

  14. #54
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    Quote Originally Posted by Disoblige View Post
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    Assessed value just tells you how much you're going to get taxed.
    This is the only thing anyone should use assessed value for
    Originally posted by Thales of Miletus

    If you think I have been trying to present myself as intellectually superior, then you truly are a dimwit.
    Originally posted by Toma
    fact.

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    i have noticed alot of realtors always included the assessment value to determine list price..is that true?

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    Quote Originally Posted by rach View Post
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    i have noticed alot of realtors always included the assessment value to determine list price..is that true?
    It may factor into it, putting the assessed value against comparables, but almost no houses sell for tax assessment value unless prices are dropping quickly.

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    Quote Originally Posted by cjblair View Post
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    Assessment down 4.2% from last year. Largely indifferent, as I don't anticipate we'll be living in this house come summer.
    I'm 4.6% down and not looking to live in the same place either unless we build and need to wait a bit longer.

  18. #58
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    Quote Originally Posted by rach View Post
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    does the assessment value has anything to do with home sales price?
    A buyer may use that to lowball. But unless there are huge deficiency, property rarely sold at or below assessed value.

    Basing on what houses sold at in my area during a shitty 2020, I would say I can get rid of my place at about 10% above assessed value.

  19. #59
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    Assessed value can also be way too high, I wouldn’t say it’s universally a lowball of property value at all.

    I bought my current place last year for WELL under assessed value.

    Overall, assessed value just isn’t a good judge of property value and you are better off paying it little mind outside of tax time.
    Originally posted by Thales of Miletus

    If you think I have been trying to present myself as intellectually superior, then you truly are a dimwit.
    Originally posted by Toma
    fact.

  20. #60
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    I think you should pay it attention... if it’s low; stfu and don’t say anything. if it’s high... well, could you save more than the $300-$400 it costs for an appraisal? Fight it. Appraisers have a window they can play with. If it’s for tax purposes.. they can go low with it

    There are a ton of metrics that go into it; permits being pulled, shape of footprint of house, recent sales in the area, recent changes to title (transfer, refi, etc). While not accurate for an individual property it’s still something that is based on market metrics on a more macro scale

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