Many people continue to get mired in the "Assessed tax value" of Charlotte Real Estate. North Carolina and South Carolina Real Estate is assessed every four to eight years and each county decides when to assess. The assessments are all made together as a "mass assessment". This means they compare like properties in a very general sense by type of home, heated living area and garage. It is a little more detailed but not much. For example, if you have a home that is in extreme disrepair compared to one that is completely updated, it is likely that they will have the same assessed value if they are similar in square footage and in the same neighborhood. Do they really have the same market value? Of course not. Does te owner of the run down home realize that his home was over assessed? Typically not because he is delighted that his home is worth more than he thought.
Next consider time. What were the prices in the neighborhood four or five years ago? The only reason it matters is because you can see if the neighborhood is generally trending upward or downward since last property tax assessment. Here is a good way to elate to this issue:
Consider the Dow Jones Industrial Average. If you were purchasing a share of the DOW, would it really matter what it was worth four or five years ago? All that would tell you is that the value has appreciated or depreciated since then. That trend may change but you at least can use the history as a guide. Would you expect to pay the price of the stock four or five years ago or would you expect to pay current market value? Charlotte homes are the same.
How do you assess current market value? Market value is determined by what the market eill support. The best indicator is how much has a ready, willing and able buyer pay for a similar home today. We look back three months to help determine market value.
Visit Charlotte NC Homes for Sale to learn more about the greater Charlotte Real Estate region.
