The main difference between how the city assesses properties and how realtor's do is the time period in which an assessment of your home is done. For instance when Realtors do a market evaluation of your home to determine current market value they use the most recent market stats and information from current Sold and Active listings. City assessments are done annually which means your assessment stays the same the entire year, while the market constantly changes. In order to determine current market value to find out what your home is really worth
Over the past 2 years, many people have been left wondering why their home has not been selling even though the city assessment of their home was for $450,000 and they surprisingly can not even get $400,000 for their home.
Mind you the spread between the current market value that people are getting for their homes and their assessed values is shrinking . While the city is re-analyzing their annual "snapshot" property assessments and giving people a more in-tune assessment which in fact is a gradual correction from their higher year over year estimates of the past few years.
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