14. What Is Market Value Vs Tax Value In Cornelius NC

We Buy Houses In Cornelius North Carolina. We also pay cash for houses in Cornelius and can close quickly making the selling process smooth and easy! As local homebuyers in North Carolina, we know that determining the value of your property can be a confusing and sometimes difficult process. If you REALLY want to know what it is worth, you can pay to have an appraisal done. An agent should be able to provide you with detailed Competitive Market Analysis reports, letting you know what is going on in your neighborhood. Knowing the differences in these home values can set you set your ideal asking price! 

What Is Market Value Vs Tax Value In Cornelius NC

Market Value By Definition: According to Fannie Mae, “Market value is the most probable price that a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus.”

Basically, this is the amount you can expect to get if you keep your house on the market for a few months provided everything goes smoothly and you have potential buyers coming to see your home on a regular basis.

Tax Value by Definition: According to Investopedia, “An assessed value is the dollar value assigned to a property to measure applicable taxes. Assessed valuation determines the value of a residence for tax purposes and takes comparable home sales and inspections into consideration.”

Understanding tax value can be a bit confusing. County property tax accessors give values to homes for tax purposes, however, these values are not reflective of changes in market value. The difference between the tax value and the market value is known as the equalization rate. This rate is used by the county to figure your actual property value.  This will vary widely from county to count, as will the methods the county uses to determine taxable value.  Many homeowners mistake tax value as actual market value.  However, it is important to consider that the county tax assessor is making a lot of guesses regarding your property, and has not even seen the inside.  Picture someone sitting at their desk, looking at a map and some comparable sales numbers, and having to assign values to literally hundreds upon hundreds of properties at a time.  It is inevitable that they will be wrong a large percentage of the time.  Sometimes this error results in a low tax value, sometimes in a high one.  If it is too high, you can always appeal, as you will be paying significantly higher property taxes each year.  If your taxes are held in escrow by your mortgage company, this can make a huge difference in the amount of your monthly mortgage payment!

Appraised Value: If that isn’t confusing enough, there is a third value that you must take into consideration- the value assigned by a licensed appraiser. Your appraised value can differ from both of these. An appraisal is done by a licensed professional who rigorously checks all aspects of the home. While they might be 100% correct, this is still the opinion of one. Whereas other methods are mathematically calculated based on your home’s history and market conditions.

What The Internet Has To Say About It In Cornelius North Carolina

Websites will use vastly different formulas to determine property market value.  Sadly, many of these have some glaring deficiencies that cause them to drastically over or underestimate the value of your property.  Using averages can be one of the largest causes of inaccuracy.  If there were ten sales of houses with similar square footage within a mile of your property, and nine of them sold for around $200,000, but the tenth sold for $4 million because the website did not take into account that the $4 million property was on 20 acres on a major road and will be turned into a shopping center, your “average” of the nine $200,000 houses and the shopping center would be $580,000!  This is just one example of how using data incorrectly, without a knowledgeable human being to analyze it, can cause even such trusted and widely-used sites as Zillow and Trulia to be wildly inaccurate.

What It Means For You As A Seller In North Carolina

Setting a great asking price is critical. You do not want to set it too high and have to repeatedly lower it to get North Carolina home buyers in the door. Your pricing history is public information, and repeatedly lowering your price can make buyers think there is something wrong with it. And for obvious reasons, you don’t want to set your asking price too low. To get the price you want you must exercise patience and make sure you are working with a true professional in Cornelius NC.

Sell My House In Cornelius NC

When you are ready to sell your house in NC, do your homework! Make sure you have all the numbers listed above and understand terms such as the equalization ratio and fair market value. Make sure you are working with a true professional like Property Solutions, LLC who can help you to accurately determine the market value of your home.

If You Want To Learn More About The Best Ways To Sell Your Cornelius NC Home, Send Us A Message Here Or Give Us A Call Now! (704) 625-0260

Get More Info On Options To Sell Your Home...

Selling a property in today's market can be confusing. Connect with us or submit your info below and we'll help guide you through your options.

FREE No-Obligation Offer

We buy houses in and around Mooresville in 7 days. No commissions, no fees, no hassles, no pressure.
  • This field is for validation purposes and should be left unchanged.