| TrevorK |
My grandmother was looking at selling her house in a year (It's a 1300sq ft bungalow, so it's a little big for 1 old lady). So I toss my hat in the ring, tell her to let me know what she wants for it before she goes to a real estate agent (Save the fees).
She then tells me she "knows" what it's worth. She pulls out her City Tax thing. It was worth 150,000 in 2002 and in 2003 it's worth 169,500.
So her theory is that she'd normally ask (And apparently get) 175,000 for it, so I could have it for 169,500 (What it's "worth") and save 5,000 on it.
To me, it seems like the value the city quoted her is a little high - in general is the value the city claims your house is worth more/less than what it is bought/sold for?
What do you guys think? I was thinking this is a bit much for my first house (Although, it does have a 1300sq ft basement suite too), as I was looking to spend 140-150.... |
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| stealth |
| Well depending on the surroundings in that year it could have went up that much. I know my place went up in value due to teh new major retails being built here. |
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| captain nismo |
| location. location, location. small houses in expensive areas draw big dough. and vice versa |
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| ChromeDragon |
Dude, your grandma would make you pay "market" value? Time for the old folks home!@
Chromey |
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| colossus |
quote:
Originally posted by ChromeDragon@Jul 14 2003, 01:47 AM
Dude, your grandma would make you pay "market" value? Time for the old folks home!@
Chromey
ha ha ha ha. White folks! Gotta love 'em! Me me me... what happened to sharing and keepin it in the family? :D :blink: |
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| rsxman |
| How old is the house? 3yr old 1300 sq ft in my area goes for about 250 |
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| SilverZ24 |
If you look at lots of houses, you will find that two almost identical houses in the same neighborhood could be valued very different by the city. It doesn't always make sense.
When I bought my house, the property tax on my place was $400 less per year than my neighbor and we have the identical house although he had a double garage at the back. After I built my garage, my taxes went up $300 per year and his went up $100 so he was still paying $200 more per year and I have a brand new garage versus his 15 year old one. My house also has more renovations inside and would probably sell for more money and yet it is still valued less than his. I'm happy because it saves me some $$. :)
Anyway, my point is that the "market value" that the city has for the house may not be all that accurate.
Best thing to do if you want an idea (this is what I did) is phone up a realtor and tell them you are thinking about selling your house and you are curious as to what it is worth. They are usually more than happy to come down and give you a free market evaluation. When they start hassling you about selling it, just tell them you decided it is just not the right time and you are going to keep it. ;) |
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| Benny |
| City Tax value is generally low. We just got our recent tax evaluation and our home came in at 363500. Private Appraisals place it about 25k higher, and neighbours have been selling their homes for about 8-15% higher than the assessment. This is of course in Calgary, and Each neighbourghood is different |
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