OfflineHello,
I have been looking up properties on my county's Parcel Search tool. When I am looking up these properties I can see a Valuation History, Land Rocord Information, Sales Information, etc.
What exactly does it mean when I am looking into Valuation History, and it says:
2002:
GENERAL REVALUATION
Total Land - 34,400
NonRes Land - 0
Res Land - 34,400
Total Improv - 84,300
NonRes Improv - 300
Res Improv - 84,000
TOTAL VALUE - 118,700
2006:
ANNUAL TRENDING
Total Land - 38,200
NonRes Land - 0
Res Land - 38,200
Total Improv - 96,900
NonRes Improv - 400
Res Improv - 96,500
TOTAL VALUE - 135,100
2007:
ANNUAL TRENDING
Total Land - 46,700
NonRes Land - 0
Res Land - 46,700
Total Improv - 114,300
NonRes Improv - 400
Res Improv - 113,900
TOTAL VALUE - 161,000
(They are trying to sell it for 182k)
I have an idea of what it means, but I'd like to be sure.
Total Land - Total Value of the land.
NonRes Land - Non Residential land (not able to live on it)
Res Land - Residential Land (livable)
Total Improv - Improvements to the land (House, Shed, etc)
NonRes Improv - Non livable improvements (Shed)
Res Improv - Livable improvements (House)
TOTAL VALUE - Sum of both totals
Okay so my questions are:
1. Is $161k the actual value of the house?
2. What exactly do these numbers relate to
3. How do they come up with them? Because they are on Zillow trying to sell it for $182k.
4. Where is the 2008 info?
Help to any of the above questions is much appreciated.
Dominic
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It looks like you already have a pretty good understanding of what the information means. As far as your questions...
1. Is $161k the actual value of the house?
It is the county assessors opinion of the market value of the property.
2. What exactly do these numbers relate to
They are pretty much what you have already identified. The components used to value any given property.
3. How do they come up with them?
I believe that each county is unique and uses a variety of methods.
4. Where is the 2008 info?
Not sure but my best guess is that the county did not re-value the properties in 2008 since more than likely they dropped in value rather than going up as in the previous couple of years.
Just keep in mind that the numbers are usually the opinion of the county assessor and quite often they calculate the current value using a historical value and then applying a formula. I like to look at them as a ballpark estimate but usually not really an accurate measurement of current market value. A more accurate way to get the total value of a given property is using the prices of similar properties that sold within .5 mile over the last 3-6 months. You can use sales further out but the more time that has passed the less accurate the prices are. You can usually get this information from a realtor. After all that number is really what you're after. What can I sell this property for today.
Hope this information is helpful. Good luck making the deals happen.
Bruce
"Success is overcoming obstacles on the way to achieving your dreams"
- Karl Mecklenburg(former linebacker for the Denver Broncos)
The property assessor has to give an opinion of property value using formulas similar to what an originally property appraiser would use to determine value for any particular property. So they can derive an assess value for your county, town or municipal to use to determine the annual taxes. The property assess value is multiplied by the millage rate (which your county, town or municipal determines base off of what each prospective office under them turns into them expressing what they need for their yearly budgets to provide fire, police and/or other services).
The assess tax value determine what each prospective property owner will pay in taxes annually. The higher the property value the higher the taxes for any particular property that an owner has to pay minus any exceptions from the property assessor's appraised value.
I have been looking up properties on my county's Parcel Search tool. When I am looking up these properties I can see a Valuation History, Land Rocord Information, Sales Information, etc.
What exactly does it mean when I am looking into Valuation History, and it says:
2002:
GENERAL REVALUATION
Total Land - 34,400
NonRes Land - 0
Res Land - 34,400
Total Improv - 84,300
NonRes Improv - 300
Res Improv - 84,000
TOTAL VALUE - 118,700
2006:
ANNUAL TRENDING
Total Land - 38,200
NonRes Land - 0
Res Land - 38,200
Total Improv - 96,900
NonRes Improv - 400
Res Improv - 96,500
TOTAL VALUE - 135,100
2007:
ANNUAL TRENDING
Total Land - 46,700
NonRes Land - 0
Res Land - 46,700
Total Improv - 114,300
NonRes Improv - 400
Res Improv - 113,900
TOTAL VALUE - 161,000
(They are trying to sell it for 182k)
I have an idea of what it means, but I'd like to be sure.
Total Land - Total Value of the land.
NonRes Land - Non Residential land (not able to live on it)
Res Land - Residential Land (livable)
Total Improv - Improvements to the land (House, Shed, etc)
NonRes Improv - Non livable improvements (Shed)
Res Improv - Livable improvements (House)
TOTAL VALUE - Sum of both totals
Okay so my questions are:
1. Is $161k the actual value of the house?
2. What exactly do these numbers relate to
3. How do they come up with them? Because they are on Zillow trying to sell it for $182k.
4. Where is the 2008 info?
Help to any of the above questions is much appreciated.
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