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Question: Should I be concerned about what the city estimates my house to be worth?


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Answer #1:

Certainly you are aware of the housing crisis, and what you are experiencing is a backlash of that. There were many causes of the housing bubble, but one was a cozy relationship between appraisers and real estate brokers. Appraisers would appraise a house as more than it was really worth so the agent would get a larger commission, and a part of that would be kicked back to the appraiser. In Las Vegas there are several people going to prison for engaging in this sort of behavior. Back to your dilemna. Appraisers now are being watched much more closely and they are going to appraise on the low side for two reasons 1) they don't want any appearance of price inflation and 2) housing prices nationwide are still falling and their appraisal has to capture that. Their job really is quite difficult.

Answer #2:

The tax assessors value of the property has nothing to do with the marketable value of your property. Count yourself as lucky that they valued it so low because that is the basis they use to determine your property tax. The last thing you want to do is correct the government on their errors of the size of your house as their measurements are inconsequential to the future when you sell your house. If the situation was flipped and they valued your house to be much larger than it actually was and more expensive than your recent appraisal I would be suggesting you go to the tax assessors office to complain, but instead, you are sitting pretty. Congrats!





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