As might be expected, the recent distribution of new tax assessment revaluations has raised question in the minds of property owners about the accuracy of the new assessments. One of the most frequently heard comments is, “This new assessment is too high. I could never sell my property for that amount.” At the risk of giving away the plot before the end of the story, the difference between the assessed value for tax purposes and what an owner might believe their property is worth may be a little like comparing apples and oranges. The numbers look like they should be the same, but there may be reasons why the values are different. The following discussion highlights some of the main issues in the different methods of valuation. Tax Assessment Values Assessed value is defined as the official appraised value of a property for ad valorem tax (property tax) purposes.  State law establish [...] Real Estate |  Full Article