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Published on:

19th Oct 2019

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

[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.

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About the Podcast

Bo Knows Real Estate
Tips for Buyers, Sellers & Owners of Houses and Condos
Residential Real Estate Specialist Bo Kauffmann of REMAX Performance Realty shares tips, advice and insight for house and condo buyers, sellers and owners.

Bo shares his experience gained thru 15 yrs of award-winning service in the residential real estate field. These are great tips for anyone looking to buy or sell a house or a condo, or grow their real estate portfolio thru rental properties.

Tips also include home renovation, remodelling and maintenance advice.

For specific Winnipeg-related real estate updates, check Winnipeg's Real Estate Podcast on I-tunes, Google Play and lots of other places.

Bo

About your host

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Bo Kauffmann

Residential Real Estate agent, helping buyers and sellers of houses and condos.

Blogger since 2008, Podcaster since ` 2012.