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Today I have a question from a client here in Iredell County in regard to a tax assessment that they received. Their tax assessment has just been reduced on their home and they're wondering if that means their property taxes and property value have also been reduced.
This is a great question. But let me first explain that there are three different values to your property.
- Tax value: This is what you pay to the county
- Appraised value: This is the value that an appraiser gives to your home when they come to place a value on it. They compare your home to similar properties that are near your home to determine a value. This is the value that the bank will care about when someone is getting a loan to purchase your property.
- Market value: This is the most important value on your home, and this is what willing buyers will pay for your property. This is determined by market conditions, location, interest rates, the condition of your home, and other comparable home sales.
So, tax value is very different than the market value. A lower tax value on your home does not mean that your home's true market value has taken a hit.
If you are confused about any of this information, or if you would like help finding a value for your Iredell County home, please don't hesitate to contact me.
