Knowing the assessed value of a particular property can be a huge help in buying, selling or refinancing. However, with multiple valuation methods and terms available, it can be difficult to distinguish one from the other. Luckily, there are some simple ways to find the assessed value of your home. Here are the basics:
The assessed value of a property refers to the estimated amount your home would sell for. This value is key in determining how much you pay in property taxes every year. A lower assessed value will generally equal lower tax rates and vice versa.
To find the assessed value of your home, you would need to know a few other variables first. One is a percentage known as an "assessment rate" determined by the local county or other municipality. You also need the market value of your home, which can be determined by a real estate agent, and the appraised value, which you can get from a professional appraisal.
To calculate the assessed value, you multiply the market value by the assessment rate. For example:
Assessed value = (Market value x Assessment rate) / 100
If you're planning to sell or buy a home, it's important to familiarize yourself with these terms. Even if you're not planning to buy or sell, knowing your home's value can help you make more informed financial decisions.
Hi, I'm Mary Clymer and I'd love to assist you. I've been a licensed Realtor in Michigan since 1997. I love my profession and strive to treat all my clients and fellow Realtors with respect, honesty and integrity. My greatest joy is to receive a second and third call from previous clients. It tells me I've made them very happy. Whether you are planning to buy or sell, that is my specialty.
I was born and raised in the Onsted area, as were my daughters and I truly care about our County and State. My family, office family and faith in God have been my rock. I am very proud to be an Associate Broker with Heart O The Hills Realty.
