In short, very little, except that you’re going to be paying higher taxes as many of them have gone up this year. However, the number on your Assessment is almost never correct, in terms of what your home could actually sell for in current market conditions. I’ve never seen one correct even within a range of $10,000.
The assessment is not correct because it almost never accounts for market conditions. In today’s market, we’re seeing bidding wars, prince increases, and conditions favouring the sellers. However how much or how little these conditions have affected prices varies from community to community and indeed from property to property.
I always shake my head when I see agents write that a certain home is priced $20,000 below the city assessment. So? Who cares!? It’s just a number. It doesn’t mean anything. My house is priced $10,000 below a unicorn’s horn and $5000 above a leprechaun’s hat. That’s what I hear when I read those words.
It is important to know the true range of what your home is worth so you don’t pay too much in taxes, and the only way to do that is to look at what has sold around you and how much it has sold for. Active listings on the MLS will get you in the department of your price, but they won’t give a real value. If you believe your property has been over-assessed, shoot me an email, and I’d be happy to look at the value for you, free of charge.
The Vanderveen Team
Maxwell South Star Realty
Phone: 403.253.5678 Fax: 403.592.6736