Fair Market Value
I am just starting to become a active investor. (wasted years reading and watching others),any way my question is this. I live in OKC, Ok and our Tax assessor has a web page that I can access. On it there is a listing for Market value as well as Tax Assessment. Is the Market value listed a good assumption of the value of the property.
Quote:
Is the Market value listed a good assumption of the value of the property.
NO.
I concur with lascashman. There are too many factors for that information to be plausible.
Use the tax rate assesment, use domania.com or something like it. Use the newspaper to get 'comps' of like homes. I personally use domania.com, and a factor over our tax assesment.
Clint
OKCInvestor,
I am vary familiar with your market area and not to discredit lacashman or cmiller2. You can pull up comparable sales of your subject property from the Asser office online and yes you can determine market value form your Asser office.
The key is to make sure that you are comparing apples to apples and oranges to oranges. Not all areas of the US provide such great info as your area.
[addsig]
Hello OKC, Well if OKC is like LEX then, the tax assessment should be below fair market value. LEX's tax assessment is about 15 to 20% below fair market value. However, don't let this be the only guide to your offering price. Often times you can find property well below tax value. It all depends on the condition of the property and its location.