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How useful is Nassau County's assessment of a home when determining value? I am referring to the mynassauproperty website that lists assessments of Nassau homes to determine property tax. Thanks for the help in advance…
Thanks Mikey, when you say zero, do you think the homes are overvauled or undervauled?
I am looking at a home now (potential purchase) that Nassau had vauled in 09-10 at 539,000 and now 10-11 at 445,000. Just trying to make sense of the assessment.
Thanks Mikey, when you say zero, do you think the homes are overvauled or undervauled?
I am looking at a home now (potential purchase) that Nassau had vauled in 09-10 at 539,000 and now 10-11 at 445,000. Just trying to make sense of the assessment.
I'll give you 1 guess...
Honestly, though - if you want an idea of the market value of a property, you should have a local RE agent you trust do an analysis of recently closed comparables.
Thanks Mikey, when you say zero, do you think the homes are overvauled or undervauled?
I am looking at a home now (potential purchase) that Nassau had vauled in 09-10 at 539,000 and now 10-11 at 445,000. Just trying to make sense of the assessment.
Does it have a listed value for the tax year of 11-12?
AFAIK, professional home appraisers who work for mortgage companies, etc., do not put any stock in Nassau's assessments and do not use the website as a resource. As a buyer, however, you may be able to use it to clobber the seller over the head if the seller is asking too much for the house.
Last edited by I_Love_LI_but; 09-06-2010 at 04:43 PM..
^^^
You'd be crazy to pay that since the current assessed value for taxes is $95K less than that and the next assessed value for taxes is $100K less. Home appraisers aren't stupid either and will probably come to a similar conclusion. Do you want to buy something and then end up $100K underwater on your mortgage? Walk away. You can do better. There are plenty of houses out there where the asking price is similar to the assessed value for taxes.
The seller and his/her realtor are crooks if they are aware of the official tax valuation on this home. Nassau County valuates too high for the most part because that is how they get maximum taxes out of people. That is why there is a HUGE (and successful) industry of grieving real estate taxes around here.
Last edited by I_Love_LI_but; 09-06-2010 at 08:02 PM..
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