If you’re searching for a top Orange County Realtor and have questions about the home buying process, you’ve probably wondered what exactly is assessed value? This definition is the dollar value that’s assigned to a home or property for sale in Orange County.
How Do They Figure Out The Assessed Value?
When an assessor comes up with their assessment of a property, they will take a variety of things into consideration like the condition of the home/property, results from the home inspection and prices that other homes recently sold for in the area. All of these comparables weigh heavily into what a home is assessed at. In some parts of Orange County, a home may be assessed at 20% of a homes fair market value.
The assessor will also be looking at any improvements that have made to the home that will help to increase its value; they won’t be looking at interior improvements or be concerned about cleanliness.
Why Assessed Value Matters
Assessed value is important because, this helps the assessor’s office to determine the amount of money they will collect from the homeowner for property taxes.
Dispute The Assessed Value?
There may be situations where the homeowner wants to dispute the assessed value of their property, when these situations arise, the homeowner should contact the office of their assessor and obtain the paper work that they need for filing an appeal with their local appeals board that oversees assessments. Homeowners have 60 days to file their appeal after they’ve received a notice from their assessor’s office that documents their homes assessed value.
If you want to get make sure that you know the fair market value of your home, you should consider hiring an appraiser because, an assessor will also factor in if a home generates revenue for the owner and their assessment isn’t always what is the real fair market value of the home.
Still have questions about assessed value? Contact Fred Seed & Associates today at (949) 272-0125, our team of top Orange County Realtors looks forward to the opportunity of educating you on the finer points of the home buying process and helping you to find the Orange County home of your dreams.