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Lower your property tax | DuPage County
Lower your property tax expenses by initiating an appeal of your property's assessed value. Leverage the assessed value to calculate your property tax obligations. For further information, explore: https://www.cutmytaxes.com/illinois/dupage-county-property-tax-reduction/
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What’s the difference between assessed value and market value?
Assessed value is the value of the real property that has been assigned to the property by the County Assessor. To say how this value is derived is fairly complicated. The gist of the formula is that the county assessor uses a sales value for the land and then adjusts for differences such as buildable square footage as opposed to total square footage, access to public utilities, recent sales in close proximity, property zoning etc. The assessed value of the building is based off cost of construction on an industry standard (Marshall and Swift Appraisal) for construction costs in the area and then applies a depreciation formula based on the age of the building. The county assessor does not look at each individual sale but takes a mass appraisal approach to determine the value.
Historically assessed value has always been lower than market value. The old banking adage was that you could take the assessed value of the property and multiply it by 125% and would get close to what the actual market value is. Over the years as information has become more accessible this way of valuing property has kind of went by the wayside.
Market value is the price that a willing buyer and a willing seller agree to sell and buy a property. This value is driven by things such as location, visibility, access, what surrounds the property (drivers of business). Market value is usually based upon arm’s length transactions of previous sales within a given time-period. This period for commercial buildings is typically a year or less but can be longer based on the local and national economy.
If you have any questions or want more information, please give me a call.
City Assessed Value vs. Market Value
A very common question home buyers are asking. The city-assessed value (which is clearly an estimate) is posted publicly for everyone to see. More often than not, the city-estimated value is quite different than the 'listing price' or the eventual sold-price. Is there any correlation between the two? Can, for example, the sold-price be predicted from the city-assessed value? You can find my podcast on all major pod-players, from Alexa to Tune-In and everything in between. Catch your favorite player here:
How accurate are city assessed values for homes and condos?
This is actually a very common question I get from home buyers. They see a house listed at, let's say, 300,000 dollars and then find the city assessed value is just 250K. What's going on? The house is grossly overpriced, right? So here's what's happening. The city assessed value is simply an average for that type, style, size and age of home in that particular neighborhood. Since the city in all likelihood has never stepped foot inside that particular home, they wouldn't know that the owner recently replaced all the windows, upgraded the heating and cooling, installed all new flooring and repainted inside and out. None of those things require building permits, so the city has no idea that that's been done: so that this home would be above average when compared to others in the area. Now this can also happen the other way around, and a house which is city assessed at 255,000 might hit the market with the listing price of 220. In that case, the original owner might be selling the house in all its original glory with galvanized plumbing, knob and tube wiring and the walls filled with newspaper clippings pretending to be insulation. The bottom line is: don't rely on city assessed value (i.e. an estimated average) to guide you as to the proper market value of any home. After all, that's what your real estate agent is for. Check our Podcast Website here. Read the full article
City Assessed Value vs. Market Value
A very common question home buyers are asking. The city-assessed value (which is clearly an estimate) is posted publicly for everyone to see. More often than not, the city-estimated value is quite different than the 'listing price' or the eventual sold-price. Is there any correlation between the two? Can, for example, the sold-price be predicted from the city-assessed value? You can find my podcast on all major pod-players, from Alexa to Tune-In and everything in between. Catch your favorite player here:
How accurate are city assessed values for homes and condos?
This is actually a very common question I get from home buyers. They see a house listed at, let's say, 300,000 dollars and then find the city assessed value is just 250K. What's going on? The house is grossly overpriced, right? So here's what's happening. The city assessed value is simply an average for that type, style, size and age of home in that particular neighborhood. Since the city in all likelihood has never stepped foot inside that particular home, they wouldn't know that the owner recently replaced all the windows, upgraded the heating and cooling, installed all new flooring and repainted inside and out. None of those things require building permits, so the city has no idea that that's been done: so that this home would be above average when compared to others in the area. Now this can also happen the other way around, and a house which is city assessed at 255,000 might hit the market with the listing price of 220. In that case, the original owner might be selling the house in all its original glory with galvanized plumbing, knob and tube wiring and the walls filled with newspaper clippings pretending to be insulation. The bottom line is: don't rely on city assessed value (i.e. an estimated average) to guide you as to the proper market value of any home. After all, that's what your real estate agent is for. Check our Podcast Website here. Read the full article
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Anya is live and ready to show you everything. Watch her strip, dance, and perform exclusive shows just for you. Interact in real-time and make your fantasies come true.
Free to watch • No registration required • HD streaming
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