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Home Value, Appraisal, Assessment – Which One is Right For You?

As you get curious about your home value and start to do a little research online, you probably see a lot of different terms thrown around: home assessment, home appraisal, comparative market analysis, property value, home value, etc. They all kind of sound the same, but actually hold some basic differences.

First off, home value and property value can be used pretty much interchangeably. Property value just sounds more encompassing because it includes the land on which the house is located. Home value should take into account the same thing, it just sounds like it only deals with the house itself.

Getting a home appraisal or assessment does give you your home value, but it comes from 2 different entities with 2 different motives. An appraisal is something you pay to get done – you higher a (hopefully) neutral third party to evaluate your house and come up with an accurate home value. In most cases, to qualify for any kind of home equity loan, you must have a home appraisal done. It’s most often done after improvements are made to a home.

An assessment on the other hand, is when the government (usually the city or county your property is located in) assesses your home value in order to determine how much property tax you should pay. Most governmental agencies do home assessments every 2 to 4 years, but that span can vary from area to area. In some areas you may never even know your home was reassessed because the government will base the home value on property sales records, age, condition, size and other factors of the home. In other areas officials will send a notice that an assessor needs to see the inside of your home to see if any improvements were made which may affect the home value.

Every governmental agency offers a window in which you can dispute their assessment of your home value. Some homeowners want to see an increased assessment because they may be considering selling, they have plans for a home equity loan, etc. Other homeowners prefer their home value to remain pretty static if not lowered when assessment time rolls around, so that their property taxes won’t sky rocket.

Keep in mind, an ASSESSMENT will ALWAYS affect your property taxes, where as paying to get an appraisal of your home value won’t necessarily do so because the government may never know about it. The two can also be used hand in hand. For example, if you think the government assessed your home value too high, you can pay for an appraisal that might lower your home value and therefore your property taxes. Of course, you do run the risk that the appraisal may wind up being similar to the government’s assessment.

Another term that is often used along with home value, assessment and appraisal is a comparative market analysis or a CMA. Getting a CMA done adds yet another third party to your home value search: a real estate agent. A CMA is an informal assessment of a property’s market value, usually done to generate a fair listing price if a home is selling. Real estate agents figure out your home value by comparing it to similar properties that have sold in the past year. For more accurate home value information, real estate agents will visit the property and do their version of an appraisal and than adjust the price based on similar homes that sold and come up with a comparative market analysis: basically, what you could expect to get your home for if you put it on the market.

There are many different ways to get an accurate home value, but the way you go about it should be determined by what exactly you want it for. If you’re thinking of getting a home equity loan, go for an appraisal. If you think your property taxes are too high, you may want to contact a governmental assessor AND and appraiser to get your home value in case you need to dispute the government’s assessment. On the other hand, if you’re thinking of selling, or you’re just curious and looking for a free home value report, go with a real estate agents.

There are plenty of sites online that offer free home value reports and get you hooked up with a Realtor. You don’t have to be selling, just willing to talk to an agent who is then going to follow up with you from time to time in an effort to win your business. Their home value report will be just as accurate as an assessor or appraiser, and if you play your cards right you might get some freebies from a real estate agent, along with that home value report you ordered!

Find out your own home value and other valuable homeowner information at GetMyHomesValue.com

Ashley Lichty is a webmaster and the resident SEO of Web Xtreme, Inc. She has a background in real estate and marketing with an emphasis in writing.

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Who Are the Various Taxing Authorities and Why Am I Never Able to Find the Right Person?

“What’s in a name? That which we call a rose by any other name would smell as sweet.” –Romeo & Juliet, Act II, Scene II

Well, a rose by any other name may smell just as sweet to Shakespeare, but don’t try to call the tax collector to ask a property appraisal question. Not knowing which office to call may simply get you an exasperated employee who is unable to assist you.

If you are not sure exactly which department to call about your property tax question, try finding out if your local government has a “311″ type of service. This is the concept of “411 telephone directory information”writ small to address only phone numbers in your municipal or county government. If the number to use is not actually 311, there may be another number which is a general information number staffed by persons whose job it is to steer you in the right direction. Find that number and you will be off to a flying start.

To give you a head-start on the nomenclature and division-of-labor issue, use the following as a primer:

Who does what

Several entities determine the outcome of your annual property tax bill. While the names of these entities vary from state to state and from time to time, the names used in Florida generally exemplify the roles of the various entities in determining your property tax bill.

The property appraiser

Just as the name implies, your county property appraiser assesses the value of property. He or she also makes exemption and classification decisions. In many jurisdictions, this position is called tax assessor. In fact, the position was called tax assessor in Florida until 1980. At that time it was changed to property appraiser to try to provide a more descriptive name of the functions of the office, and to demarcate it more clearly from that of the tax collector.

But woe be unto those who don’t keep their lingo up-to-date. A recent straw ballot on whether the property appraiser should be elected in Miami-Dade County, Florida, rather than appointed by the County Manager, as is presently done, was (properly) stricken from the ballot by a circuit judge on the ground that it was not clear whether the ballot question referred to the property appraiser or tax collector. So much for a rose by any other name smelling just as sweet!

The tax collector

The tax collector, as the name implies, acts as collection agency and accountant, adding up the various taxes, billing property owners and collecting property taxes and other charges billed on the tax bill. The tax collector sells tax certificates to enforce unpaid and delinquent taxes on real estate and enforces tangible personal property taxes through warrants and seizure, as provided by state statute.

The taxing authorities

Taxing authorities, cities, counties, community development districts, water management districts, etc., determine local millage rates and special assessments. And while we’re talking about millage, a mill is simply a tenth of a per cent, and is a measure that makes it easier to discuss tax rates. Millage is synonymous with tax rate, expressed in terms of tenths of a per cent.

Value adjustment board

The Value Adjustment Board hears and rules on property owners complaints about assessed valuation of real estate and tangible personal property, exemption denials and disapprovals of special classification, such as greenbelt or agricultural.

Outside Florida, this function may be served by an entity known as the property appraisal adjustment board, tax equalization board, tax adjustment board, or some similar name.

As with any other question regarding property tax rights and obligations in your jurisdiction, confer with a local property tax consultant. He or she will be familiar with the regulations which govern in your area.

There, now, don’t you feel better informed already?

Daniel Weiss has represented municipalities and taxpayers in tax assessment, classification, exemption and collection matters since 1997. For a free consultation go to: http://www.tannebaumweiss.com

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Getting The Right Home Appraisal

Selling your home without getting a proper appraisal done is like opening your bulging wallet in a hurricane – your hard-earned money will be sucked away with the wind. This is because without a good appraisal, your home may be under priced and you could lose a great offer, or overpriced so it won’t sell. Either way, you have done yourself a disservice.

You may also want to get an impartial appraisal done on your home if you are not immediately selling for other reasons such as: refinancing a mortgage, purchasing home insurance, reducing property taxes, or facilitating divorce proceedings, to name a few.

Who can you trust to give you the best appraisal?

No matter who you hire for an appraisal, the underlying purpose is to develop a carefully documented estimate of your house and property value through in-depth research. The completed document protects the interests of several parties, including the buyers, sellers, mortgage lenders and other people involved in the transaction.

If you require an appraisal for your mortgage lender, you will be responsible for the cost of the document, which is approximately $200-400. Most lenders will have a list of appraisers they trust, so it is in your best interest to play in their ballpark and choose a company they are familiar with. Although you actually pay for the appraisal services, the lender is the one who owns the document, unless they legally release the papers to you. You will receive a copy for your reference.

Be aware that some areas do not require a license or certification for real estate appraisal. However, it would serve you well to find a qualified and certified person for the job.

Ask if the appraiser is accredited with a professional Canadian designation including AACI (Accredited Appraiser Canadian Institute) and the CRA (Canadian Residential Appraiser). Appraisers who have made the effort to receive these certifications are committed to their craft and upholding the ethical standards for which the designations stand.

Be sure your appraiser knows your neighbourhood.

When you are dealing with an appraiser, ask how many homes he or she has appraised in your neighbourhood. This is important, as these appraisers will be very familiar with property values in your area. They will also have a strong knowledge about additional factors that affect property values, such as nearby schools, shopping and fire department access.

Home appraisals are primarily subjective, so it is important to have up-to-date information including the current market value in your area. This figure could change in coming months depending on the volatility of the real estate industry.

Find out more about Calgary luxury real estate opportunities at SmartCalgaryHomes.com, your resource for Calgary luxury homes