Many people consider Charlotte Property Tax Values as an estimate of the value of Charlotte Homes. Please be careful with this rule of measure. First consider what the property tax values really are.
In North and South Carolina the homes are assessed every so many years. Homes are assessed county wide when this is done. They will be assessed no less often than every 8 years but counties can reassess more frequently.
Now what does this mean to you? When ever the homes are assessed, keep in mind the quantity of homes that are considered. This amounts to bulk assessments. A home in a given area has its value based upon "similar homes" sold recently in the area. If the sold homes were in great condition, brick, with fantastic landscaping then an older home, of a similar size will likely be assessed at a similar value. The system is not perfect by no means but the county allows you to dispute the assessment if you feel your home is over valued. Many see the assessment, think that there home is now worth more and are pleased with the imaginary home equity.
What does this mean for the seller or buyer. First let's consider the person purchasing Charlotte Real Estate. If the assessment was done 5 years ago and the home is selling for less than 5 years then you are "reasonably safe" in assuming this neighborhood is on the decline. If the sale price is a lot more than the tax value then it is likely that this neighborhood is increasing in value.
For the Seller of Charlotte Real Estate I would not place much faith in the assessments and either pay for an appraisal or rely on your Charlotte Realtor for the market value. The Real Estate Agent will focus on your particular home to assure the value is more reasonable and actually assess fair market value.
There are great deals when purchasing Carolina homes but you really need to have a thorough understanding of the facts and figures that you are using to assess value. There are also neighborhoods that have skyrocketed in value. These prices are often superficially inflated by investor demand and the values are not sustainable in the short term. Please be careful.
Visit my website for additional information and insights into the greater Charlotte Real Estate market. Call me direct if you would like me to help you find ideal Charlotte NC Homes For Sale.
