Question by dk3000_2000: Do homeowners insurers construe “Fair Market Value” as the value of the property before the damage or after?
For example- The insurance company agrees to pay the Fair Market Value of your house that was destroyed by a hurricane. Is this the appraised value before the hurricane or after? This difference can be significant if the town was decimated by the hurricane and property values are now much lower. Please help!
Best answer:
Answer by MSAD
If you have a replacement cost value policy – they pay the cost to rebuild the home as it was (same finishes).
If you have an actual cash value policy, they calculate the cost to rebuild your home as it was and subtract depreciation.
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Florida Keys Real Estate Forecast 2012 Is Released By Real Estate Investing …
In addition to releasing the new forecast the team at Real estate investing wealth Ltd. are also giving away information this week on how to get property at below its market value. Florida keys real estate is about to have a light shone on it this week …
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Buying land in Southwest Florida, planning to build
By Doug Sword SARASOTA – In Florida's real estate downturn, nothing fell faster or further than vacant residential property. While the value of all Florida real estate dropped 31 percent between 2007 and 2011, according to property appraiser reports, …
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Question by Who Else?: Is the destruction of evidence a conservative “value?” Which one?
Does it represent “strong leadership?” Or “restoring dignity to the White House?” Perhaps it’s a way for patriots to show their “support for the troops,” or a traditional “family value?” A religious obligation? Enlighten me, please…
Best answer:
Answer by Kookoo Bananas
It’s stricly corrupt and immoral behavior, something the right displays all the time, yet preach to others about “values” and “morality”. It’s hypocricy at its worst.
Know better? Leave your own answer in the comments!
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On homes and real estate: Taxes based on property value
I'm paying the same amount of taxes on the property as I would if I were a year-round resident. My question is this: Shouldn't I be paying a reduced rate, considering I'm not allowed to live there year-round? A. Property taxes are based on the value of …
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Question by Rog V: What’s better: Zestimate or Total Assessed Value (TAV) in determining the current value of a home?
I know what each is individually, but just wondering what the true difference is between these and what the “real life” use of TAV is, relative to, say, comps (I’m assuming Zestimate is essentially an “appraisal” of sorts that takes into consideration comps). Does it also calculate in TAV? If not why not?. I’m having trouble discerning between these as well as their relative importance. If someone can put these in perspective, I’d surely appreciate it. Thanks.
Best answer:
Answer by Ross
I work in a rural area. For me if I see anything saying assessed value that would have to do with taxes. From what you are saying above a zestimate sounds lick a table top or drive by appraisal, which is a very quick general appraisal compared of other similar homes using mostly comps, no actual appraiser showing up and really evaluating the property. Zestimate sounds like some website offering you that as a way to suck you into other services and send you poop loads of junk mail.
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Question by Double R: What does “assesed value” on my property taxes mean?
I am looking at my property taxes statement and it shows how they calculate my taxes. It has my Market Value at $ 876k, and my assesed value at $ 161k. What is “assesed value”? My property is worth much less than the $ 876k they say but $ 161 would not even make sense. My property was appraised at $ 460k. Someone please help me understand this. I live in NY if it helps.
Best answer:
Answer by hrblockerrolquinn
Dear DR: There is a great article at www.mkemortgage.net on NY assessed value vs market value.
Basically the assessed value is a number put on your property for tax purposes only. It is relative and should be fairly distributed among the neighborhoods.
This advice was prepared based on our understanding of the tax law in effect at the time it was written as it applies to the facts that you provided. Click on my profile to read more. Errol Quinn Enrolled Agent Master Tax Advisor
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Question by debodun: Why would someone put a house up for sale for 0,000 when the “fair market value” is listed as 9,000?
I happened to be out driving recently and saw a house that would be almost perfect for me. I did some research on our local property assessor’s Web page and found this property’s “full market value” is $ 169,368. However, the asking price is $ 229,997. What is really the “fair market value” by definition? What bargaining power would this give me, if any? Which would be closer to the “real” value?
Best answer:
Answer by Obi Wan
If I had a house to sell, I’d want to make a profit off it. No one wants to lose money.
If you submit an offer, let the seller know the full market value and maybe they’ll bring the price down.
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New Home Sales Surpass Resales in Lakewood Ranch, FL
The average sales price of a new home in Lakewood Ranch last year was $ 397149 – more than double the median home sale price in the two county Sarasota/Manatee region of $ 150097. The average price of a resale in Lakewood Ranch last year was $ 364171, …
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