How accurate are 'City-Assessed Values' for your home or condo?

2 minutes

Just how accurate are the City Assessed Values you can find online?

Never miss an episode. Install our FREE Podcast App available on iOS and Android.

For your Apple Devices, click here to install our iOS App.

For your Android Devices, click here to install our Android App.


[00:00:08] This is actually a very common question I get from home buyers. They see a house listed at, let's say, 300,000 dollars and then find the city assessed value is just 250K. What's going on? The house is grossly overpriced, right?

[00:00:23] So here's what's happening. The city assessed value is simply an average for that type, style, size and age of home in that particular neighborhood. Since the city in all likelihood has never stepped foot inside that particular home, they wouldn't know that the owner recently replaced all the windows, upgraded the heating and cooling, installed all new flooring and repainted inside and out.

[00:00:45] None of those things require building permits, so the city has no idea that that's been done: so that this home would be above average when compared to others in the area. Now this can also happen the other way around, and a house which is city assessed at 255,000 might hit the market with the listing price of 220. In that case, the original owner might be selling the house in all its original glory with galvanized plumbing, knob and tube wiring and the walls filled with newspaper clippings pretending to be insulation.

[00:01:16] The bottom line is: don't rely on city assessed value (i.e. an estimated average) to guide you as to the proper market value of any home.

[00:01:25] After all, that's what your real estate agent is for.

Get our podcast on any of your favorite pod-catchers.

More episodes from Bo Knows Real Estate

How you can listen to this podcast

You can listen to episodes right here on the website, or if you prefer, in a podcast app. Listening in an app makes it easier to keep track of what you’ve already heard, listen without using your data plan and many other conveniences.

Recommended apps
Start listening to Introductory Episode of 'Bo Knows Real Estate'
2:12
Start listening to Introductory Episode of 'Bo Knows Real Estate'
2:12