Posted by: Roby Robertson | August 26, 2008

Lake Norman Real Estate:Why are Lake Norman Tax Values Not a Fair Listing Price

Lake Norman Tax assessments are not necessarily current.

Lake Norman Property Taxes

Typically – depending on where you live, property is assessed every 5-20 years (or in some cases not at all!). During the time between assessments – depending on where you live – a standard annual appreciation rate is applied to the previous assessment. This is normally fairly low.  Ridiculously low given the market we’ve been in for the last few years.

It gets even trickier depending on local regulations. Property assessments vary county by county. Remember that Lake Norman is surrounded by 4 different counties using 4 different schedules, all with waterfront homes.  You can see how using tax values can vary and also cause much confusion if used as a barometer for buying or selling a home.

Property assessments are also 100% at the discretion of the county. I have a friend that has a house in NJ, for example, that has not been reassessed since the house was built in the late 60s. Why? Property taxes are a hot-button political issue in NJ, and the politicians try not to rock the boat on that issue too much. Reassessment might mean owners end up paying even more in taxes then they do currently – so they just put it off indefinitely.

Add all this up – and long story short is assessed values have absolutely no bearing whatsoever on fair market value of a property. It’s not a guestimate, it’s not nessicarily based on past selling activity – it’s based purely on whatever the county decides it’s based upon – which means it varies WIDELY. It’s also not a fluid number – and does not adjust with market conditions – which makes it unreliable as a market indicator.

Lake Norman Low Property Taxes

You could say that a low assessment is a good thing since your property taxes are based on this number !

For additional information or assistance, contact your Lake Norman Agent at 704 451 7051 or by email.

See also:

Lake Norman Counties Tax Rates

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What would my Lake Norman Home Sell For?

Lake Norman Buyers and Sellers,Know your closing costs

Roby Robertson

 

Saving My Clients Thousands

Broker/Owner

 

Real Living In Style
Davidson NC

 

roby.robertson@realliving.com

 

Ph: 704 451 7051
Fax: 704 892 9766

Committed to Saving My Clients Thousands When Buying and Selling Real Estate

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