Obtaining Appraisals

General Real Estate Investing
1

I was wondering if using the county tax appraisal district is a good source to obtain property values. They always seem to be 10 to 50 percent below market value. Anyone use this method?

Thanks
Sunny 8)

2

Sunny,

<<I was wondering if using the county tax appraisal district is a good source to obtain property values. They always seem to be 10 to 50 percent below market value.>>

No, not generally. The county (or the Parish, here) tax appraisals have NO correlation with reality whatsoever!

For instance a sampling my properties (all in the same Parish):

  1. Tax Appraisal: $45,500 Recent Appraisal: $65,000

  2. Tax Appraisal: $47,400 Recent Appraisal: $61,000

  3. Tax Appraisal: $23,200 Recent Appraisal: $68,000

All over the map! I think they appraise and don’t reappraise for long periods of time. The best source is from an appraiser (obviously) but a good Realtor can do a relatively close CMA.

Hope this helps.

Keith

3

It all depends if that is how the tax appraisals are where you are at ours are close!

With that being said If i were you I would use them FOR SURE when I bought I just would NOT use them when I sold! ;D